Allianz Group honoured as “Best in Class” by the Carbon Disclosure Project

26 September, 2007

“The Alllianz Group is thrilled to have been honoured as "Best in Class" in its approach to climate change disclosure by the Carbon Disclosure Project (CDP)“, according to Nicholas Scofield, General Manager Corporate Affairs at Allianz Australia.

The CDP is a coalition of over 315 global investors with more than 41 trillion US dollars in assets. Companies which achieved a score of 85 out of 100 are featured in the Carbon Disclosure Leadership Index. Allianz SE scored 90 percent and is included in the Index for the second year. Only 50 companies are included into the Index, by definition, reflecting leadership in the area of climate change.

Allianz is a founding signatory of the Carbon Disclosure Project, participating in the CDP since 2002. This year, for the first time, Allianz has published its answers to the CDP questionnaire in its sustainability report, which is available on the internet.

Mr Scofield said, “Allianz supports disclosure of climate-related risks because we are convinced that transparency benefits our customers. The CDP is important to Allianz because of the unique opportunity it offers to investors to understand the exposure of assets to climate change and climate policy risks. The CDP is the largest repository of corporate greenhouse gas emissions data in the world. Allianz’s participation in the CDP has been instrumental in shaping our climate change strategy and we have welcomed the opportunity to benchmark our carbon management strategy with our peers.“

Addressing climate change as potential threats and opportunities to its businesses and society is crucial for a financial service provider. Joachim Faber, CEO of Allianz Global Investors and Allianz SE board member says, "Climate change creates significant costs for the financial industry. In the interest of our clients and shareholders, we are obligated to take these risks into account when making decisions on insurance underwriting, investments or lending credit."

40 percent of all losses insured world-wide are caused by severe weather. Banks are affected for example by the difficulty in judging a company’s ability to repay a long-term loan and, for asset managers, climate change may impact their client’s investments. In the end, carbon risk will be a market risk.

“It is for this reason that, in January 2006, the Allianz SE Board of Management adopted the Allianz Climate Strategy with an action program containing about 17 objectives and 80 measures for each of the business areas, as well as for its in-house environmental footprint. In its most recent addition to Allianz’s climate change armory, the newly established company, Allianz Climate Solutions, will focus on developing tailor-made climate change-related products and services,“ Mr Scofield added.

Media enquiries:
Nicholas Scofield
Allianz Australia Ltd
Ph. 02 9390 6596
     0416 088 414

About Allianz Australia
The Allianz Australia Group operates in Australia and New Zealand. It is one of Australia’s largest general insurers, a leading private workers’ compensation insurer and, more recently, a life insurer.

Allianz Australia delivers a wide range of personal, commercial and corporate insurance products and services. AAL is proud to be of service to more than 2 million policy holders and over 50% of Australia’s top 50 BRW listed companies have some form of insurance cover with the group.

Allianz Australia offers a wide range of insurance products and services including car insurance, home insurance and Life insurance.

Allianz Australia has approximately 3000 staff. In 2006, the company achieved a gross written premium exceeding A$2.4 billion and investment assets of approximately A$5.5 billion.

Allianz Australia Group is a wholly owned subsidiary of the worldwide Allianz Group, one of the world’s largest insurers and investment managers.