Corporate Customer
The UNIQA Corporate Business Sustainability Strategy is based on the principles of climate protection, the Paris Agreement and the overarching goal of achieving net-zero emissions in Austria by 2040 and group-wide by 2050. The main strategic objectives include reducing greenhouse gas emissions, strengthening customers' resilience to climate-related risks and developing sustainable product solutions. Climate-relevant risks and opportunities are recognised through a comprehensive sustainability risk assessment and customers are supported in their willingness to transform in order to achieve the 1.5°C target.
Concepts related to climate protection and adaptation to climate change
Strengthening customers' resilience to climate-related risks
This component includes an active role for UNIQA in supporting customers to strengthen their financial resilience and manage the impact of climate change adaptation.
- Advice and prevention: UNIQA advises companies on how they can strengthen their resilience to the risks posed by climate change. This is done by providing so-called “First-Aid Measures” by providing policyholders with advisory services to minimise losses in the event of severe weather events. In addition, preventive measures to avoid the consequences of climate risks are developed and offered.
- Expanding expertise and improving quality: In this area, the aim is to expand customers' expertise in dealing with climate risks, improve the quality of standard risk resilience measures and offer comprehensive advice in order to cover the growing needs of companies with regard to emerging climate risks.
UNIQA Sustainable Business Solutions
The consulting company, which started operations in 2024, will offer comprehensive risk and hazard analyses and recommendations for adapting to climate change in Austria, Poland, Slovakia and the Czech Republic. By working together with experts in the fields of climatology and meteorology and utilising decades of experience in risk engineering, UNIQA Sustainable Business Solutions will provide detailed reports for commercial and industrial customers on their climate resilience.
Decarbonisation levers
1. Phasing-out fossil fuels
The UNIQA Group is pursuing a gradual exit strategy from business with fossil fuels. The first steps towards decarbonisation were already taken in 2019 with the commitment not to conclude any new business with customers with coal activities. As a member of the Green Finance Alliance (GFA), UNIQA has published a timetable for exiting the coal, oil and gas business. Since then, annual reports have been published on the premiums from the fossil fuel business and the decarbonisation status of the customers concerned.
Coal
- Since 2019, no new insurance contracts have been concluded with companies that generate more than 30% of their revenue from activities in the coal sector (production, processing, power generation)
- Since 2023, no new business has been entered into with companies that generate more than 5% of their revenue from activities in the coal sector.
- By 2030, all portfolio items with companies that generate more than 5% of their revenue from activities in the coal sector will expire.
Oil
- Since 2024, no new insurance contracts have been concluded with companies that generate more than 30% of their revenue from activities in the oil sector (production, processing, power generation).
- By 2030, all portfolio items with companies that generate more than 5% of their revenue from activities in the natural gas sector will expire.
Natural gas
- From 2025 onwards, no new insurance contracts will be concluded with companies that generate more than 30% of their revenue from activities in the natural gas sector (production, processing, power generation).
- By 2035, all portfolio items with companies that generate more than 5% of their revenue from activities in the natural gas sector will expire.
- In deviation from the gas phase-out stipulated in the decarbonisation strategy, in 2025 UNIQA will make a temporary exception for the territory of Ukraine and offer new insurance coverage for small-scale gas-fired power plants in light of the ongoing war and the energy infrastructure that has been severely affected as a result.
Companies that have made a public commitment to the decarbonisation of their core business in accordance with the Paris Agreement are exempt from the phase-out of fossil fuels.
UNIQA does not insure nuclear energy risks either directly or through reinsurance.
2. Expansion of business with renewable energies:
UNIQA actively supports the expansion of renewable energies and develops specific insurance solutions for companies in the wind, solar and hydropower sectors. The aim is to support the transition to carbon-free energy and increase the resilience of customers.
To limit the rise in global temperatures to 1.5°C in line with the goals of the Paris Agreement, decarbonisation of the energy supply is crucial. Against this backdrop, UNIQA is developing insurance solutions for renewable energies in order to support this growing sector.
The premium volume in the renewable energy sector is growing year on year. Premiums for renewable energies are defined as follows:
- Premiums from companies whose main economic activity is the generation of electricity from renewable energy sources (solar energy, wind, biomass, hydropower, geothermal energy).
- Premiums for insured renewable energy objects of companies with other economic activities (e.g. photovoltaic systems, hydroelectric power plants, biomass power plants).
3. Engagement with CO₂-intensive customers
UNIQA analysed the ten largest emitters in each market in order to initiate targeted measures to reduce emissions. The engagement with customers from CO2-intensive industries will be deepened to support them in their climate transformation and ensure that they remain in line with the 1.5°C target pathway.
Development of new sustainable products and components
UNIQA is accelerating the development of innovative sustainability products and components in order to respond to growing market requirements and the increasing demand for environmentally friendly solutions. This strategy also includes the development of new business areas in which customers are supported in the reduction of negative effects with regard to the topics of climate change prevention, adaptation to climate change and energy consumption.
UNIQA also uses specific new solutions and product components to promote sustainable recovery after loss events. In 2024, for example, the new ‘Green Clause’ product component was launched on the market, which also covers the additional costs for the ecological restoration of damaged properties in the event of a claim.
More information on UNIQA Corporate Business Sustainability Strategy can be found here: