Background of the company
Munich Re is a reinsurance company based in Munich, Germany. It is one of the world’s leading reinsurers and was founded 1880 . Corporate responsibility is an integral part of the strategy.
What Munich Re does
Munich Re has defined three focal areas:
- integration of ecological, social and governance factors (ESG factors) in their core business and investments. This has resulted in many reports and KPI’s;
- minimise its impact on the environment. This is done by an environmental management system and making business operations carbon-neutral;
- serving communities in which Munich Re works and operates.
The focal areas led to the following fields of action:
- strategy and governance: ratify and establish a Group strategic CSR approach;
- environmental management: development of Group approach and action plan;
- CSR in business: develop a concept to take greater account of environmental, social and governance (ESG) aspects in core business;
- corporate citizenship: establish an international corporate citizenship (CC) network, and develop a Group-wide corporate volunteering concept;
- reporting and communication: optimise process, standardise and expand the coverage of reporting, and good to very good results in the most important international SRI ratings;
Munich Re follows international guidelines, like the UN Global Compact and the United Nations Principles for Responsible Investment (PRI). It was also involved in developing the Principles for Sustainable Insurance (PSI).
The business case
Main focus for Munich Re is managing it risks and taking responsibility. A responsible image is a necessity for a financial services company as it builds trust. Furthermore, they are starting to develop sustainable products and services that take ESG aspects into account. Read more.