AGCS establishes dedicated ESG leadership team

Allianz Global Corporate & Specialty has established a dedicated in-house team to lead its ESG activities.

Zurich’s global head of sustainability, Gabrielle Durisch, will be joining AGCS in April 2023 as its new global head of ESG and sustainability solutions. Ralf Heintges was appointed global head of ESG and sustainability governance in September 2022 and oversees the decarbonisation of AGCS’s own insurance portfolio over the coming decades. As CUO, specialty, Dr Renate Strasser assumes responsibility for all underwriting related ESG activities at AGCS. And as head of ESG operations since July 2022, Katja Oristanio will ensures that AGCS will effectively contribute to the ambitious Allianz Group targets for net zero operations by 2030 in its own business.

Dr Strasser said: “Tackling climate change and other ESG factors increasingly drive the agenda, both in business and society. At AGCS we are committed to realising Allianz Group’s sustainability strategy and becoming an ESG leader in the corporate insurance segment. Our new ESG organisational set-up is now fully rolled out. We see this new business area as a priority for growth, focused on delivering impact and accelerating the path to a net zero world.

“Led by Gabrielle, Ralf and Katja we will drive engagement for sustainability topics across all our underwriting lines, Allianz Risk Consulting and core business functions. We will partner with our customers on their low-carbon transition, supporting them with new products and services and helping them mitigate increasing climate risk. The transition to a net zero economy can only be achieved in partnership and we are committed to do our part, together with our customers and supporting the climate partnerships of Allianz Group.”

ESG-related reviews of current or prospective business are already a core element of AGCS’s underwriting process. The insurer is also implementing group underwriting guidelines for providing coverage for fossil fuel sectors (introduced in 2018) and, most recently, the oil and gas industry (April 2022).

Already a major insurer wind and solar energy, AGCS is looking to expand its support for companies and projects in the renewable energy and green tech segment, including hydrogen technology.

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