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    • 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.

    Münchener Rückversicherungs-Gesellschaft
    signed Dr. Jeworrek           signed Dr. Lawrence

    The Munich Re Group operates worldwide, turning risk into value. In the financial year 2006, it achieved a profit of €3,536m, the highest in its 126-year corporate history. In 2006, its premium income amounted to approximately €37bn and its investments to around €177bn. The Group is characterised by particularly pronounced diversification, client focus and earnings stability. It has approximately 37,000 employees in over 50 locations throughout the world and operates in all lines of insurance. With premium income of around €22bn in the year 2006 from reinsurance alone, it is one of the world's leading reinsurers. Its primary insurance operations are mainly concentrated in the ERGO Insurance Group; it is the second-largest provider in the German primary insurance market and a leading player in the European insurance market in health insurance and legal expenses cover. The ERGO Insurance Group is present in 25 countries, and 33 million clients place their trust in the services, competence and security it provides.
    This media information contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of Munich Re. The company assumes no liability to update these forward-looking statements or to make them conform to future events or developments.

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