Allianz introduces environmental benefits to home insurance policies
Sydney, 15 October 2008
From today, all new and renewing Allianz home insurance policyholders will receive a package of environmental policy benefits at no extra cost.
Nicholas Scofield, General Manager Corporate Affairs, said, "in line with our commitment to the environment, Allianz has introduced additional 'green' benefits to our building and contents policies that will reward and encourage more environmentally sustainable behaviour by our customers in the event of a relevant claim. The benefits will be provided for no additional premium".
"In the event of a total loss, Allianz building policies will provide an additional $5,000 that can be used for a range of environmental upgrades such as solar power, rainwater tanks and grey water recycling. Under future Allianz home contents policies, we will replace lost or damaged whitegoods with a less than 3 Star Energy Efficiency Rating with a minimum 3 Star Energy Efficiency Rated appliance", Mr Scofield said.
Under Allianz building insurance policies, in the event of a total loss, we will provide an additional $5,000 that can be used for a range of environmental upgrades. These include a:
- rainwater tank;
- solar power system, including a solar hot water system or a photo-voltaic (PV) power system;
- hot water heat exchange system; and
- grey water recycling system.
The $5,000 is in addition to any amount we pay on buildings and is provided for no additional premium. The additional sum can also be used for related installation costs such as electrical wiring and plumbing. Similar benefits will be provided under Allianz's Landlord Insurance policies.
Under Allianz contents insurance policies, if a claim relates to replacement of lost or damaged refrigerators, freezers, washing machines, clothes dryers and dishwashers, with less than a 3 star energy rating, we will replace these with items that have a minimum 3 star energy rating. If the customer already had a higher than 3 Star rated product, an equivalent or higher rated appliance will be provided.
Mr Scofield added, "the $5,000 is net of any government rebates, which means it can potentially be used to leverage a much higher amount of expenditure when the value of government rebates, which exist for many these products, are taken into account."
Allianz has a strong commitment to environmental sustainability and, in particular, playing its part in helping the community respond to the challenge of climate change. Allianz Australia is a member of the Australian Government's Greenhouse Challenge Plus program and is committed to reducing its greenhouse gas emissions by 20% by 2012. Allianz is also committed to helping its customers do what they can to reduce their own carbon emissions.
Concluding, Mr Scofield said, "Allianz is proud to be adopting a market leadership position in this area. To our knowledge, Allianz's new building insurance policy is the most comprehensive in the market in terms of the amount of additional money provided, the range of environmental upgrades that it can be used for, and because the money can be used for any number of the environmental upgrades covered, rather than only one."
Best General Insurance Company 2006*
Best General Insurance Company 2007*
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 also provides life insurance.
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 200 BRW listed companies have some form of insurance cover with the group.
Allianz Australia has approximately 3300 staff. In 2007, the company achieved a gross written premium exceeding AU$2.4 billion and investment assets of approximately AU$5.5 billion. Allianz Australia Group is a wholly owned subsidiary of the worldwide Allianz Group, one of the world's largest financial services companies.
Allianz's commitment to social, environmental and economic sustainability has been acknowledged internationally by the Dow Jones Sustainability Index, which recognised Allianz as the most sustainable general insurer in the world in 2007. In Australia, Allianz is a member of the Greenhouse Challenge Plus program, which is a cooperative partnership between industry and the Australian Government that aims to reduce greenhouse gas emissions.
*Australian Banking and Finance Insurance Awards