Allianz SE

11/30/2020 | Press release | Distributed by Public on 11/30/2020 07:44

Are pandemics insurable?

Röhler sees a solution for the next pandemic in cooperation between the insurance industry and the state. 'We demand that protection, especially for small and medium-sized enterprises, shall be made available more quickly, be more predictable from the outset and, if necessary, more comprehensive in the event of the next pandemic. We want to play an active role in this'. But the main burden would lie with the governments and the state, as it does today. Allianz is involved in a wide range of initiatives at European and national level to find a solution as quickly as possible. 'An overarching European framework with minimum standards certainly makes sense, implementation should take place at a national level,' Röhler explained. In this way, the different national laws to cushion the consequences of a pandemic, such as the short-time working allowance in Germany, could be taken into account.

But that is not the only lesson Röhler draws from this crisis: 'The corona pandemic has accelerated the trend towards greater sustainability. This is a unique opportunity that we must seize.' Röhler interprets the term broadly: 'For me, acting sustainably means actively contributing to mastering the central ecological, economic and social challenges. That is part of our DNA as insurers. This is why we integrate climate protection into the core business of our divisions, the investment and insurance business. For example, we are working hard to ensure that all policyholder funds are invested in a climate-neutral manner by 2050. Money that Allianz customers receive from their insurance and investment products will therefore be generated increasingly in a CO2-neutral way.'

In the current situation, Röhler sees it not only as a core task to be prepared for the next pandemic, but also to take a more active role in global risks. 'In order to live up to our ambition of being more sustainable, we must anticipate rather than just react.' The next global crisis is already waiting - a global cyberattack is a very realistic scenario, just like climate change. 'Both risks are systemic and therefore cannot be managed by insurers alone,' says Röhler. 'What we need is an overarching partnership approach by the insurance industry, businesses and governments to develop solutions together. We are working on this with high priority.'