Corporate responsibility in insurance business
ESG criteria integrated into processes and products
We systematically take ESG aspects into account in our insurance business. The systematic integration of ESG aspects enables us to identify these risks and to minimise them in cooperation with our clients. We also make use of collaboration with other partners, institutions and non-governmental organisations (NGOs).
This approach is relevant for our business in three different ways:
Risk-based management established Group-wide
The following exclusions apply for our insurance business: There is a Group-wide policy applicable for banned weapons, stipulating that Munich Re does not insure or invest in companies that manufacture cluster bombs or land mines, or in companies that trade in them or transport them. This applies where such transactions or operations are known.
Regarding the coal sector, Munich Re stoped insuring the construction of new coal-fired power plants or new coal mines and individual risks in industrialised countries, as well as in the bulk of emerging markets as well. There may be a small number of exceptions in countries where a substantial portion of the population (more than 10%) has no access to electricity. These are reviewed on a case-by-case basis. In 2019 we discontinued the insurance and reinsurance of individual risks of oil sands mining projects and related infrastructure.