Allianz adopts oil and gas exit policy

Allianz, one of the world's biggest oil and gas insurers, has now committed to stop insuring and investing in new oil and gas fields, new oil power plants, new midstream oil infrastructure, and practices relating to the Arctic as of January 2023, and will not renew existing contracts for such projects as of July 2023.

Allianz is the tenth major insurance company to adopt oil and gas restrictions, following recent policies from Swiss Re and Hannover Re.

Lindsay Keenan, European coordinator of Insure Our Future: "We warmly welcome Allianz's oil and gas policy. As one of the world's largest insurance companies and a major oil and gas insurer, Allianz has sent a clear signal to the oil and gas sector and governments that new oil and gas developments are not compatible with the 1.5C climate target. Allianz has also just raised the bar for all other insurers, which now need to follow suit."

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