Sustainability Report 2021
In our Sustainability Report, we describe the ways in which we embrace sustainability in our day-to-day operations.
About Sustainability at Munich Re
Munich Re adopts a forward-looking, prudent and responsible approach to handling risks. For over 135 years, Munich Re has created long-term value by assuming a diverse range of risks around the world. We are convinced that this business concept will continue to be successful in the future through sustainable action. Responsible corporate governance that reconciles economic, environmental and social requirements forms the basis to this approach.
Our sustainability topics
Creating value with global responsibility
Our shared value approach aims to achieve added value for society as well as for our Group. We address social challenges, making the best use of our strengths and abilities and sharing knowledge with our stakeholders. Our risk expertise thus allows us to develop new perspectives and sustainable solutions.
The strategic focus is on four fields of action:
For us, acting responsibly means creating added value – both for our Group and for society as a whole.
The voluntary commitments we make to initiatives such as the UN Global Compact (UNGC), the Principles for Sustainable Insurance (PSI) and the Principles for Responsible Investment (PRI) form the framework of our sustainability strategy. At the start of 2020, Munich Re joined the UN-convened Net-Zero Asset Owner Alliance (AOA), and we are working towards ensuring that our investments are net-zero by 2050. Munich Re is also one of the founding members of the Net-Zero Insurance Alliance (NZIA) established in 2021.
We select the topics that are most material to the Munich Re`s Sustainability strategy. And we then assess these topics in terms of three different dimensions:
- The business perspective
- The stakeholder perspective
- The impact of our business activities on the three sustainability dimensions of environment, society and economy
Climate change and digital transformation are our high priority topics. Along with data protection, cyber security and energy transition they belong to the category with the highest level of materiality. Risk awareness and prevention is an integral cross cutting issue related to all identified key topics. These topics are closely related to our core business. An additional strategic focus is put on healthcare, client satisfaction, sustainable investment, training and talent development.