UAmong German insurers, perhaps a handful have already worked intensively on their own sustainability strategy. So intense that they have an idea of what is specifically in store for them in the years to come.
The insurance industry has made a declaration of intent to become climate-neutral by 2045. The members of the industry association GDV have signed a corresponding self-commitment. But for most board members it is not yet clear what that means in detail.
The half-dozen named include the large international corporations, which are repeatedly reminded of their obligations by their investors. Allianz , Munich Re , Zurich and Axa have underscored their commitment in part by withdrawing from fossil project hedging. With Barmenia and Gothaer, however, two unlisted insurers are also among the sustainability pioneers, which is due to the special features of their respective business models.
Far-reaching conclusions drawn
Gothaer has been increasingly insuring wind turbines since the 1990s and has worked its way up to become the European market leader in this small business segment with a market share of 30 percent. Since the middle of the last decade, she has also systematically used this knowledge for more sustainable capital investments. In the meantime, this has become a similarly ambitious overall project as that of the larger competitors. “The majority of managers have understood that sustainability is the greatest human task that we will have to master in the next three decades,” said CEO Oliver Schoeller of the FAZ: “And we have the best framework conditions for accepting this in a social context.”
Schoeller and his board members have drawn far-reaching strategic conclusions from the climate and biodiversity crisis: in capital investments, in the insurance business, but also in new business areas. As a common denominator, he describes the obligation to the next generation to leave an intact world behind. “The guiding principle is the personal aspiration to leave my children a planet on which they can lead a good life,” he says.
Oliver Schoeller
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Image: Gothaer
Alongside this intrinsic motivation, insurers need to recognize that sources of competitiveness will change rapidly. Sustainability is a reliable megatrend that opens up growth prospects. It is characterized by three central elements: High energy costs in Europe led to partial de-industrialization. Supply chains for components (semiconductors) remained strained. The shortage of skilled workers will make it difficult for many companies to achieve their growth targets.
“The driver will not be waiver”
Europe has no choice but to make sustainability the cornerstone of a new business model. “At some point the effects of climate change will be so great that markets will form,” says Schoeller. In many countries, the desire to catch up in prosperity will remain a decisive dynamic factor: “The driver will not be sacrifice, which is why we need technological solutions.”
