Procurement at Munich Re
Acting responsibly and enabling the world to move forward for the better is the foundation upon which Munich Re Group builds value – for our stakeholders and for society as a whole. As a globally operating organisation, the Group procures many different goods and services throughout the world. By purchasing at best total value in terms of quality, time and cost, while ensuring compliance and ethical standards at all times, the procurement functions throughout the Group seek to deliver a substantial and lasting contribution to our success.
At all locations and along the entire value chain, our procurement activities are shaped by a deep sense of corporate responsibility. Environmental, social and governance (ESG) principles are at the heart of our approach, and we expect our suppliers to meet them as well.
We have established the following principles to guide our interaction with our suppliers. These apply to all business units and entities throughout the Group:
Our Procurement Principles
Our Supplier Code of Conduct
Munich Re Group’s Supplier Code of Conduct is designed to help ensure that all third-party suppliers providing goods and/or services to a Munich Re company meet our standards for protection of the environment, fair and respectful treatment of their workforce, safe working conditions, zero tolerance regarding corruption, and ethical business practices.
We would also like to encourage them to go beyond current requirements and work with us together to shape a more sustainable future. Therefore we have defined a minimum set of criteria which the supplier must comply with (“Requirement”). In addition, we have defined “Aspirations” that go beyond the minimum requirements and shall be considered as an ambition.
Procurement at Munich Re - Reinsurance
Central Procurement, the central purchasing division of Munich Re, is responsible for the acquisition of all goods and services for the reinsurance group.
Its overarching strategic functions include demand, category, supplier, and contract management as well as ensuring compliant ordering practices (key concepts: risk mitigation, compliance, anti-fraud).