- Munich Re signs the "Declaration on Climate Change" of the United Nations Environment Programme Finance Initiative.
- Munich Re Board member Torsten Jeworrek: "Climate change is one of the greatest challenges of our time. What we do today is crucial for future generations. Therefore, swift international action is urgently needed."
- Munich Re forecasts long-term increase in demand for risk protection as a result of climate change and growing concentrations of values.
Munich Re is a signatory to the joint declaration on climate change issued by the United Nations Environment Programme Finance Initiative (UNEP FI). The declaration, published on 5 June, has been signed by insurance companies, banks and other international financial services providers.
Board member Torsten Jeworrek: "Climate change is one of the greatest challenges of our time. What we do today is crucial for future generations. A truly international agreement with stringent emission reductions to succeed the Kyoto Protocol is just as imperative as the broad participation of the main emitters in that agreement.
Market-economy incentive systems were fundamentally more conducive than state regulation to the much needed change processes, for example to promote environment-friendly technologies. "We at Munich Re are preparing corresponding risk-protection products", Jeworrek continued.
The UNEP FI declaration calls for joint action by the international community to achieve a drastic reduction in greenhouse gas emissions. The signatories affirm their own commitment to sustainable management and limitation of their greenhouse gas emissions.
With regard to the impact of climate change on Munich Re, Jeworrek commented: "Our Geo Risks Research unit has been analysing the effects of climate change and its associated risks for over 30 years. The findings are consistently incorporated into our risk models, enabling us to practise a forward-looking underwriting policy." He added: "We have no doubt that climate change and growing concentrations of values will boost reinsurance demand over the long term. Thanks to strict risk management, Munich Re is ready to face the increase in weather extremes."
As well as UNEP FI, Munich Re also belongs to a number of other organisations committed to taking action that will as far as possible avert climate change.
signed Dr. Jeworrek signed Dr. Lawrence
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