Dutch insurers investing in weapons for conflict zones

Five Dutch insurers are investing in companies that supply weapons or parts for weapons to warring parties in conflict areas like Yemen, the Fair Insurance Guide reported. The largest investors in these weapons suppliers are Allianz and Aegon, with NN Group in a distant third place, ANP reports.

The Fair Insurance Guide looked at 14 companies that have been supplying weapons, including military vehicles and aircraft, or military supplies to countries like Saudi Arabia and the United Emirates, both involved in the war in Yemen. It also looked at the nine largest Dutch insurers and investments they made to these companies in recent years.

According to the researchers, Allianz invested in all 14 countries, a total of 3.8 billion euros. Aegon invested nearly 1.1 billion into 13 of the companies. NN invested just over 100 million in six companies. Achmea and Vivat put much smaller amounts into one company each.

ASR, CZ, Menzis and VGZ did not invest in any of the 14 arms suppliers.

In response, Aegon and NN announced that they do not invest in companies that are involved in controversial weapons like cluster munitions and nuclear weapons, or companies that supply weapons to countries that are subject to an arms embargo from the United Nations, the European Union, or the United States.

Allianz said that the research is focused on its global investments. The Dutch premium money invested in the 14 arms suppliers is negligible, the insurer said. According to Allianz, the lion share of its investment in the 14 companies stem from its activities as international asset manager, in which Allianz implements the investment choices of other professional parties.

The Dutch Association of Insurers does not agree with the Fair Insurance Guide's conclusions. "The amounts mentioned by the researchers do not relate to the premiums of Dutch policy holders, while the Fair Insurance Guide does target Dutch consumers with its publications," the association said, according to the news wire.

The Fair Insurance Guide is a collaboration of Amnesty International, Oxfam Novib, PAX, Milieudefensie, and World Animal Protection. It aims to give insight into the investment policy of major insurers in the Netherlands.