Transparent lobbying activities

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Transparent lobbying activities

In the interests of our stakeholders, we contribute our knowledge and expertise to the political decision-making process. In doing so, we place an emphasis on fairness and transparency.

Unlike the laws of nature, making regulations is a job for people, and is subject to different values and perspectives. In order to draw up new legislative texts, the government constantly draws on the knowledge, experience and assessments of those affected to allow it to reach balanced and appropriate decisions. This may take the form of hearings and consultations, as well as individual discussions.

In the interests of our clients, employees and shareholders, we participate in the political decision-making process. We focus on topic areas that affect our Group and our stakeholders, and in which we possess a level of expertise. It is then up to the decision-makers to weigh our concerns against those of the other parties involved. Thus, the only form of influence is a cogent argument. With many Munich Re concerns, the corporate interest matches the general societal interest, for example in the areas of climate protection and data security, or with investments in infrastructure. Our main focus in 2017 was on the following topics:

  • Digitalisation: Digitalisation will have a huge impact on nearly every aspect of our business. We support the German government’s and the European Commission’s digital agenda. As Munich Re aims to be a leading player in digitalisation issues, we are monitoring legal developments closely and use the opportunities given to us to contribute with our expertise and knowledge. Our focus lies on achieving a European level playing field which provides legal certainty whilst being flexible and agile enough to allow for the development of innovative products and services in order to realise the benefits of digitalisation.

  • Global insurance capital standard (ICS): If properly calibrated and broadly implemented, a global insurance capital standard (ICS) can lead over time to a convergence of existing supervisory frameworks. We participate in consultations on ICS development and contribute to its quantitative testing.

  • Sustainable finance: We support the development towards more sustainable financing in the EU and the EU Commission’s submission of an Action Plan on Sustainable Finance, especially regarding harmonising standards for sustainable investments and adapting the regulatory framework.

  • Climate change: We support the decisions and actions taken by the Conference of the Parties (COP) at its 21st session in 2015 (“Paris Agreement”). Alongside natural climate variations, we integrate anthropogenic climate effects into our business processes on the levels of risk measurement, business development and asset management. We keep a close watch on all of the different fields that are influenced by climate change and that could have a substantial impact on the financial services and insurance industries. We are also involved in public/private-sector initiatives that are engaged in the development and commercialisation of innovative climate risk insurance solutions both in developing and mature markets.

  • Systemic risk regulation: Traditional (re)insurance activities are not systemically relevant. Munich Re has not been designated as a Global Systemically Important Insurer (G-SII). Nevertheless, we follow the discussions on the methodology applied in this context and respond to respective consultations.

The Public Affairs department is responsible for lobbying on behalf of Munich Re Group. With its four staff members in the locations Munich, Berlin and Brussels, our activities focus on registering the Group's concerns with governments, national and supranational authorities and other organisations. In addition, our experts in the specialist departments play an active role on the committees of various industry associations, such as the German Insurance Association (GDV), the Geneva Association, the European Insurance Chief Financial Officers (CFO) – Forum, the Chief Risk Officer (CRO) – Forum and in the Insurance Europe Reinsurance Advisory Board (RAB).

Munich Re attaches importance to ensuring its lobbying activities are transparent. We therefore provide details to the transparency register of the European Parliament and the European Commission on focal points, memberships and the cost of our lobbying activities.

GRI: G4-23; G4-58

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