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Climate neutrality (carbon neutral)

Also commonly referred to as carbon neutrality, climate neutrality involves the reduction and compensation of greenhouse gas emissions. A company's CO2 emissions can be "neutralised" through the purchase of carbon credits. In other words, the emission of a certain amount of CO2 that is unavoidable is compensated for by preventing the emission of an equivalent amount elsewhere in the world. This is achieved through climate-friendly projects like the construction of a wind farm to replace an old coal-fired power station. The purchase of carbon credits makes such projects possible and is used to offset the purchaser's own CO2 emissions.

Code of conduct

A collection of behavioural guidelines voluntarily drawn up by a company. It generally contains rules for the company’s whole supply chain and may cover a wide range of issues.

Combined ratio

The percentage ratio of the sum of net claims expenses plus net operating expenses to premium income. A combined ratio of 100% means that expenses and payments are equal to premium volume. A ratio below 100% indicates that the company is earning an underwriting profit, while a ratio above 100% shows a loss.


As defined in the German Corporate Governance Code, “compliance” means acting in accordance with applicable laws and internal company rules (hereinafter “regulations”). “Internal company rules” include the principles and values laid down in Munich Re's Code of Conduct. Compliance requires that a company has the necessary organisational and control measures in place – including appropriate information and documentation systems – to prevent violations of laws and regulations.

Corporate Citizenship

A company's social involvement, i.e. its active involvement as a "good citizen" in local civil society, and in ecological or cultural issues, above and beyond the defines of its business activities.

Corporate Climate Centre (CCC)

Unit at Munich Re concerned with the consequences of climate change. It was created in 2008 from the former Centre of Competence for Geo Risks Research, founded in 1974. One of the tasks of this cross-cutting network is to advise underwriters and clients on the development of future-oriented products. The CCC experts maintain close contact with researchers, associations and organisations worldwide and are involved in a number of research and development projects.

Corporate governance

Corporate governance refers to the legal and factual framework for managing and monitoring companies. Corporate governance rules serve to provide transparency and thus strengthen confidence in responsible management and control geared to the creation of value.

Corporate volunteering

Company activities promoting the voluntary social involvement of employees.

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