Talanx defines underwriting policy for coal-based risks

The Talanx Group is withdrawing from the provision of insurance protection for coal-based risks over the long term. The Group is thus committing to the process of transformation towards a lower-carbon economy and living up to the goals of the Paris Agreement on climate change, which it has already supported for a number of years. The governments of 195 countries have now agreed on a global action plan for a climate-friendly economy. 17 of the 28 member states of the European Union have already decided to phase out fossil fuels or are discussing such a move. As an insurance partner of industry, the Talanx Group will engage in a dialogue with customers to find constructive solutions for strengthening climate protection.

In its investing activities the Group will retain its existing policy of not making any new investments in companies that generate at least 25 percent of their revenues from fossil fuel sources. Furthermore, it will continue to progressively expand its investments in renewables and climate-friendly technologies. The Group has already made direct investments totalling more than EUR 1.3 billion in renewable energy sources (wind and solar).

On the underwriting side, with immediate effect the Talanx Group will in principle no longer write any risks associated with planned new coal-fired power plants and coal mines. In countries where coal accounts for a particularly large share of the energy mix and access to alternative energy sources is insufficient, the Talanx Group will allow a limited number of exceptions for the provision of insurance protection on a case-by-case basis and after reviewing the technical standards. Bearing in mind that the energy transition away from fossil fuels can only take place responsibly over the medium to long term, it is envisaged that the portfolio will no longer include any coal-fired power plants or coal mines from 2038 onwards.

Disclaimer

This news release contains forward-looking statements which are based on certain assumptions, expectations and opinions of the Talanx AG management. These statements are, therefore, subject to certain known or unknown risks and uncertainties. A variety of factors, many of which are beyond Talanx AG’s control, affect Talanx AG’s business activities, business strategy, results, performance and achievements. Should one or more of these factors or risks or uncertainties materialise, actual results, performance or achievements of Talanx AG may vary materially from those expressed or implied in the relevant forward-looking statement. Talanx AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does Talanx AG accept any responsibility for the actual occurrence of the forecasted developments. Talanx AG neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.