UNIQA implements effective measures to gradually phase out coal-based business models
As an insurer, UNIQA is not spared the effects of climate change. We are taking responsibility and making an effective contribution to a low-carbon future. For this reason, in 2018 UNIQA became the first Austrian insurance group to make the gradual phase-out of coal-based business an issue.
You can find the details in the current "Statement on Decarbonisation". This self-commitment is anchored in the "UNIQA Directive for Responsible Investments" and in the "UNIQA Underwriting Policy".
We had already sold all investments in coal-based companies by the end of January 2019. As part of the integration of AXA's former subsidiaries in Poland, the Czech Republic and Slovakia, all of our portfolios were analysed in depth using our new, expanded database and examined for any coal exposure. The resulting coal investments of our new insurance companies were put on the sales list and were already almost completely eliminated by the end of April 2022.
Since the beginning of 2019, UNIQA has not written any new business with the coal industry in property insurance. Current insurance policies for coal-fired power plants and companies that generate electricity from various sources - such as coal, other fossil fuels or even renewable energies - can continue until at least 2025. However, continued insurance is subject to certain conditions, which include the development and implementation of credible transformation plans and alignment with sustainability criteria.
We do not see our role in this phase as limited to our role as an insurer. UNIQA will proactively support and accompany its customers in the transformation of their carbon-based business models. With clear time planning and appropriate progress in the transformation process, the "insurability" of our customers from the coal industry is fundamentally possible for the remaining duration of the transformation.