Allianz Affirms Environmental Commitment

Many insurers are ruling out coverage for coal businesses as they become more concerned about the environment and the impacts of climate change on the industry.

Now, insurance giant Allianz Group (Allianz) has affirmed its commitment to refusing to support the thermal coal industry.

According to Allianz, coal ports and railways derive more than 51% of revenue from the thermal coal industry. Therefore, from July 01, 2021, the insurance giant will not insure or invest in infrastructure such as coal ports and railways.

From January 01, 2023, Allianz will no longer provide property and casualty (P&C) insurance or make proprietary investments in any company that plans a new coal mine or any existing mining company that generates over 25% of revenue from coal mining or produces more than 10 million tonnes of coal annually.