Press release -
Allianz to reduce plastic waste by nearly two tonnes per year with new Engineering Inspection initiative
Allianz Engineering Inspection Services (AEIS) will reduce plastic waste by around 1.8 tonnes per year, thanks to a more environmentally friendly method of tagging equipment.
Allianz surveyors attach plastic tags (cable ties) to hundreds of thousands of items of plant, machinery and accessories each year, as part of its Tagcheck service, which allows engineer surveyors and customers to check at a glance when the next statutory inspection is due.
Steve Ford, Special Services engineering manager for AEIS said:
“Both our own engineers and our customers indicated that we could reduce the amount of plastic we use to tag equipment in our inspections. Allianz takes its environmental responsibility seriously, so we wanted to do something about it.
“We embarked on a number of workshops with internal and external stakeholders, shortlisted numerous alternative materials for testing and started an evaluation programme. After extensive testing of the main tag we use, we had reduced the shortlist to one new type of tag. We then revised the design further, tested again, and came up with the solution – a light, strong and brightly coloured tag, which uses 81% less plastic than before.”
As well as replacing the cable ties, AEIS reviewed all of the other types of tags it used, and in most instances, will be moving to a more eco-friendly alternative – containing much less plastic, and using an alternative solution wherever possible.
Allianz Engineering Inspection Services will have fully transferred to the new tags by the start of 2022.
Carolyn Rich, head of brand marketing and social responsibility at Allianz Insurance said: “We are very happy to introduce this new initiative in our inspection business.
“The fight against plastic waste is something we have been supporting across the global business through different initiatives such as these as well as more recently with our partnership with the Sea Shepherd organisation. .
“However, we know there is always more to do on a global scale so we’re continuously exploring new solutions, and engaging with third parties, to find out what else we can do to find a more sustainable way of doing business.”
About Allianz Holdings plc
Allianz Holdings plc is the non-regulated holding company which owns the principal insurance operations of Allianz SE in Great Britain including Allianz Insurance plc.
About Allianz Group
The Allianz Group is one of the world's leading insurers and asset managers with more than 100 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 790 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage 1.7 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are amongst the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2020, over 150,000 employees achieved total revenues of 140 billion euros and an operating profit of 10.8 billion euros for the group.
*Including non-consolidated entities with Allianz customers
These assessments are, as always, subject to the disclaimer provided below.
Cautionary note regarding forward-looking statements
This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz Group's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates, most notably the EUR/USD exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions including and related integration issues and reorganization measures, and (xi) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.
No duty to update The Allianz Group assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.