Allianz SE
German insurance and financial services giant holding over $452 million in weapons manufacturers supplying Israel, and the only major insurer investing in Elbit Systems. Ranked #7 in the Don't Buy Into Occupation database with €4 billion invested in settlement-connected companies.
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Significant exposure under German Supply Chain Due Diligence Act (LkSG), which requires human rights due diligence since January 2024. Investment in companies whose weapons are used in what the ICJ termed a 'plausible' genocide creates material compliance risk under German law.
Sustained direct action campaign targeted 10+ UK offices in October 2024 and 15 offices across Europe in January 2025. Successfully pressured to drop Elbit Systems insurance policy. Campaign activity damages brand among ethical customers and corporate clients.
As Europe's largest insurer, exposure to divestment campaigns and institutional investor pressure. ESG-focused clients may seek alternative insurers without defence sector exposure. Boycott Bloody Insurance campaign specifically targets Allianz alongside other major insurers.
Direct action campaigns have disrupted office operations across UK, Germany, Netherlands, and Portugal. Elbit Systems UK now seeking replacement insurers following Allianz withdrawal, demonstrating operational impact of pressure.
Product Alternatives
Ethical replacements tagged by what matters to you: cost, quality, ethics, sustainability, or local sourcing. Make the switch today.
Ethical Insurance Providers (UK)
Insurance companies without significant investments in weapons manufacturers or settlement-linked enterprises
UK ethical insurer donating 10% of premiums to environmental causes
Ethical investment policy excludes weapons and fossil fuels. Home, business, and travel insurance.
UK ethical insurance provider founded 1990
Ethical investment policy. Specialist breakdown, travel, and cycle insurance. Carbon-neutral operations.
Ethical Insurance Providers (Europe)
Continental European ethical insurance options
German regional insurer without documented defence investments
Regional German insurer. Research current investment policies before switching.
Comparison Legend
Strategic Analysis
In-depth assessment of the company's position, vulnerabilities, and recommended approaches for effective engagement.
High severity, high vulnerability — campaigns with the best chance of making an impact
Learn about our methodology — companies are categorised based on severity (harm potential) vs strategic vulnerability (campaign leverage).
Why do these scores change?
Unlike static boycott lists, our targeting model is dynamic. This company's position on the matrix is re-evaluated continually as we verify new contracts, divestments, or policy changes. Your reporting directly impacts this score.
Allianz represents a high-value insurance sector target with proven vulnerability to sustained activist pressure. The company's December 2025 decision to drop Elbit Systems insurance following coordinated European protests validates the direct action campaign model. However, Allianz maintains substantial investments in weapons manufacturers and settlement-connected companies, creating ongoing leverage for engagement.
Key Leverage Points
- Proven Vulnerability: Allianz dropped Elbit Systems insurance after sustained direct action campaign, demonstrating that pressure campaigns achieve concrete results with this target.
- German LkSG Compliance: Subject to German Supply Chain Due Diligence Act requiring human rights due diligence since January 2024. Investments in weapons manufacturers used in documented civilian attacks create compliance exposure.
- ESG Hypocrisy Gap: Allianz Global Investors' April 2025 removal of nuclear and military exclusions from ESG funds undermines responsible investment credentials while maintaining ESG marketing.
- DBIO Ranking: #7 European investor in settlement-connected companies with $4 billion exposure creates documented evidence for institutional pressure.
- Unique Elbit Position: As the only major insurer investing in Elbit Systems shares, Allianz faces singular scrutiny for direct complicity in Israel's weapons industry.
Evidence Summary
The February 2025 Boycott Bloody Insurance report documents Allianz's $452 million investments across major weapons manufacturers supplying Israel: BAE Systems, Boeing, Caterpillar, General Dynamics, and Lockheed Martin. Allianz is uniquely positioned as the only major insurer investing in Elbit Systems, Israel's largest weapons company which produces 80% of equipment for Israel's land forces and 85% of combat drones. Fair Finance International research documents total Allianz exposure of 3.8-4.3 billion euros in arms companies supplying high-risk nations.
The Don't Buy Into Occupation database ranks Allianz #7 among top European investors in companies involved in Israeli settlements, with $4 billion in shareholdings and bonds. This creates documented exposure under international law following the ICJ's July 2024 ruling that settlements constitute 'pillage' and the court's finding that Israel faces a 'plausible' genocide case (January 2024).
Engagement Strategy
Build on the successful Elbit insurance campaign to target remaining investment holdings. Frame demands in German LkSG compliance terms, citing legal obligations for supply chain due diligence on human rights. Target corporate insurance clients and institutional investors in Allianz funds with evidence of ESG policy contradictions. Coordinate with European coalition partners (PAX, FIDH, Fair Finance International) who have documented Allianz exposure. Use the Elbit insurance withdrawal as proof of concept that sustained pressure achieves divestment. Focus messaging on the unique position as only major insurer investing in Elbit Systems to maximise reputational pressure.
Evidence & Sources
Verified sources including NGO reports, regulatory filings, and primary documents. Use these to substantiate your correspondence.
Reports that Allianz and Aviva dropped insurance policies for Elbit Systems following months of direct action protests targeting offices across Europe.
Open sourceReport finds Allianz holds over $452 million in BAE, Boeing, Caterpillar, General Dynamics, and Lockheed Martin. Allianz is the only major insurer investing in Israeli arms manufacturer Elbit Systems.
Open source15 Allianz premises targeted in coordinated actions across UK, Portugal, Germany, and Netherlands. Windows smashed and buildings covered in red paint.
Open sourceDocuments Allianz as one of the largest insurers investing in 14 arms companies, with total exposure of 3.8-4.3 billion euros in weapons manufacturers supplying Israel.
Open sourceCoordinated action against 10 Allianz UK offices. Demonstrators described Allianz as 'investors and insurers of Israel's biggest weapons firm' Elbit Systems.
Open sourceDBIO coalition ranks Allianz #7 among top European investors in companies involved in Israeli settlements, with $4 billion in shareholdings and bonds in settlement-connected companies.
Open sourceAmerican Friends Service Committee database documenting Allianz investments in companies profiting from the Israeli military occupation.
Open sourceResearch documents Allianz investing 4.3 billion euros across arms companies supplying weapons to nations with high risk of human rights abuses.
Open sourceUpdates & Milestones
- Drops Elbit Systems insurance
Following sustained pressure campaign, Allianz no longer provides insurance policies to Elbit Systems UK. Company now seeking coverage from Aspen Insurance and Chubb.
- ESG policy reversal on weapons
Allianz Global Investors announces removal of nuclear and military exclusions from some ESG funds, citing European rearmament needs.
- City of London headquarters occupied
Protesters scale canopy at Allianz London headquarters, splash red paint, and fly Palestinian flags. Drone flown during Six Nations match at Allianz-owned Twickenham Stadium.
- 15 offices hit across Europe
Coordinated actions target 15 Allianz premises across UK, Portugal, Germany, and Netherlands. Windows smashed and buildings painted red.
- Belfast office targeted
Allianz Belfast office targeted by activists over Elbit Systems support, coinciding with Elbit insurance policy renewal date.
- ICC arrest warrants issued
International Criminal Court issues arrest warrants for Israeli officials citing crimes against humanity including extermination and starvation as method of warfare.
- Ten UK offices targeted by activists
Activists coordinate simultaneous actions at 10 Allianz UK offices, citing company's role as investor and insurer of Elbit Systems.
- German LkSG law expands coverage
German Supply Chain Due Diligence Act (LkSG) extends to companies with 1,000+ employees, creating new compliance obligations for Allianz.
- ICJ plausible genocide ruling
International Court of Justice finds 'plausible' genocide case against Israel, increasing legal exposure for financial enablers including insurers.
- Identified as principal Elbit shareholder
BDS campaign identifies Allianz as the principal institutional shareholder in Israeli arms company Elbit Systems, owning over 2% of the company.