Milestones of our corporate responsibility

As an insurance and reinsurance group, we adopt an international and interdisciplinary approach with a view to finding solutions that are viable for the future. In this way, we make tomorrow’s world insurable. We seek to achieve a balance between economic, ecological and social requirements. For this reason, corporate responsibility (CR) has long been an integrated part of our Group strategy.

The following examples show milestones of our corporate responsibility.

2011

Adoption of new CR strategy

Munich Re has adopted a new Group-wide CR strategy, in which CR is firmly established as part and parcel of our entrepreneurial action.

Munich Re Munich’s climate neutrality maintained in 2010

As in 2009, greenhouse gas emissions at Munich Re’s office sites in Munich were reduced as much as possible in 2010, the remaining emissions being offset by the purchase of emission allowances.

Wolfgang Engshuber new PRI Chairman

Dr. Wolfgang Engshuber, outgoing Chief Administrative Officer of Munich Re of America, was appointed Chairman of the investor-led Principles for Responsible Investment initiative in January 2011.

Recertification of Munich Re (Munich) and ERGO

The environmental management systems of Munich Re (Munich) and ERGO (Germany)’s main office sites were again successfully re-certified this year.

UN debate on disaster reduction and preparedness

In February, Thomas Loster, Chairman of the Munich Re Foundation, presented the Group’s knowledge on disaster reduction at the invitation of the United Nations in New York, highlighting the strengths of insurance-based solutions.

New renewable energy covers

Munich Re is offering the world’s first ever cover for manufacturers’ warranties in the field of renewable energy, including wind and photovoltaic systems. The reinsurer also covers the exploration risks involved in geothermal energy projects.

2010

Wind energy investment

Munich Re has acquired 40 wind turbines in a total of 11 wind parks with an overall output of 73 megawatts. Munich Re aims to invest up to € 2.5 bn in the context of RENT (Renewable Energy and New Technologies) initiative over the coming years.

6th International Microinsurance Conference in Manila

Munich Re and other partners, including the Microinsurance Network, the German Gesellschaft für Internationale Zusammenarbeit (GIZ) and Germany’s Federal Ministry for Economic Cooperation and Development (BMZ), invited participants from 50 countries to the 6th International Microinsurance Conference in Manila. Attracting 520 visitors, this is currently the largest conference in the microinsurance field and shows that the issue is of major relevance globally and has significant growth potential.

Weather events insurance in the Philippines

A new insurance product co-developed by Munich Re (reinsurance) offers cover against extreme weather events, such as severe typhoons, to cooperatives in the Philippines and their low-income members.

Cover for PV modules in the USA

For the first time, Munich Re is providing cover for performance guarantees on photovoltaic modules in the USA. The new cover applies to concentrating photovoltaic (CPV) systems produced by US manufacturer SolFocus, and is the first ever performance guarantee cover for CPV systems.

New insurance solution for oil catastrophes

Munich Re insures oil companies against liability risks in the event of oil well failures. The difference is that they can now be insured individually, and at the same time it is envisaged that safety standards will be raised.
In late 2010, a consortium of primary insurers and reinsurers, managed by Aon Benfield, was formed. The SOSCover project continues to make progress and a specific coverage concept has already been developed.

Relaunch of corporate responsibility portal

Munich Re is working on a new concept for its CR web presence and the related internal and external reporting on this topic. This also involves extending the scope of CR reporting to up to 60% of employees.

Earthquake disaster in Haiti, floods in Pakistan

The companies that make up Munich Re (Group) and its employees are collectively donating more than a quarter of a million euros to victims of the 2010 earthquake in Haiti and of the flooding that hit Pakistan in the same year.

ISO certification confirmed

The implementation and quality of the environmental management system at our Munich headquarters are again successfully certified.

Climate neutrality at our Munich site

As resolved in 2007, we are able to make our Munich site » climate neutral. We aim to achieve climate neutrality for the whole reinsurance group by 2012.

2009

Founding of Dii GmbH for generating power in the desert

At Munich Re’s initiative, thirteen partners including Munich Re set up the Desertec Industrial Initiative planning entity (Dii). Its long-term goal: solar and wind power generated in the desert.

Submission of the first COP

In our Communication on Progress (COP), the obligatory report to be submitted by companies that have signed the UN Global Compact, we publish information on our CR targets and their achievement.

ERGO life insurers tested by the German technical inspection agency TÜV

ERGO's two major life insurers Hamburg-Mannheimer and Victoria have their service quality tested by TÜV Süd for the first time and are rated “good”.

EU GreenBuilding Award for MEAG buildings

Three new MEAG buildings are placed on the list of official partners of the EU GreenBuilding Programme: the Cologne Oval Offices, the Westgate in Cologne and Munich’s Sonnencarree.

MEAG sets up the FairReturn investment fund

This mixed fund, geared specifically to foundations, is managed according to sustainability criteria. The investment objectives are a positive performance in line with the capital markets and the achievement of plannable earnings.

World’s first microinsurance against floods

In collaboration with various partners, Munich Re devises a microinsurance product for the inhabitants of the Indonesian capital of Jakarta, providing them with cover against the economic consequences of flood.

Signet Solar – New insurance solution for photovoltaic modules

Together with industrial insurance broker Marsh and photovoltaic producer Signet Solar, Munich Re launches a new insurance solution to cover the risk of a performance deterioration in photovoltaic modules.

Expansion of Munich Re’s compliance system

After the introduction of an ombudsman function at Munich Reinsurance Company in 2008, the ombudsman’s brief is extended to the whole Group with effect from 1 May 2009. Anti-fraud management is significantly strengthened by way of this Group-wide whistle-blowing system.

2008

Munich Re signs up to Climate Principles

Munich Re is one of the first companies to sign up to the Climate Principles. The aim of this initiative is to emphasise the important role that financial service providers play in the transition to a low-carbon energy industry.

MEAG launches KlimaStrategie equity fund

With its new KlimaStrategie equity fund, MEAG gives private investors the opportunity to invest in companies involved in adaptation measures or solutions for climate change.

ERGO adopts CR guiding principles

ERGO’s Board of Management endorses the corporate responsibility guiding principles adopted by the Munich Re Board of Management in 2006, taking them as the basis for ERGO’s own CR activities.

ERGO implements its own code of conduct

On the basis of Munich Re’s Code of Conduct, ERGO defines its understanding of legally impeccable behaviour, based on ethical principles, at all employee levels.

Research partnership with the London School of Economics (LSE)

Munich Re supports the multi-year research programme of the Centre for Climate Change Economics and Policy (CCCEP) at the LSE. Its goal is to analyse – at the interface between climate research and economics – the risks and opportunities for the insurance industry.

2007

Joining Global Compact

Munich Re commits itself to complying with the UN Principles for Corporate Responsibility (UN Global Compact).

Establishment of the Corporate Climate Centre

All Munich Re’s activities relating to climate change are pooled in one centre of competence. This comprises a network of staff from across Munich Re’s fields of business.

Announcement of climate neutrality target for Munich Re

A resolution is taken to make the Munich site climate neutral by 2009 and the whole reinsurance group by 2010.

Sustainability portal

An interdisciplinary internet portal is created to report on all the relevant topics of corporate responsibility Group-wide.

MEAG introduces code of conduct

MEAG defines its understanding of legally impeccable behaviour, based on ethical principles, at all employee levels, taking Munich Re’s Code of Conduct as a basis.

2006

Commitment to sustainable and responsible corporate management

In its mission statement, Munich Re commits itself to transparency, sustainability and social responsibility. Corporate responsibility becomes an integral part of Munich Re’s Group strategy.

Establishment of a corporate responsibility management function

As a sign of the great importance Munich Re assigns to this sector, the CR management function is located in the Group Development Division, which reports directly to Munich Re’s CEO.

Implementation of a code of conduct

Munich Re sets out its definition of legally impeccable behaviour, based on ethical principles, at all employee levels.

Commitment to PRI and their establishment

Munich Re becomes the first German company to sign the UN Principles for Responsible Investment (PRI), which it plays a prominent role in helping to establish.

Implementation of anti-fraud management

The main elements and principles of a Group-wide anti-fraud system are laid down.

2005 to 2001

2005

125 years of handling risk

Munich Re celebrates its 125th anniversary and sets up the Munich Re Foundation. The latter’s mission is to minimise risks for people throughout the world, particularly in developing and emerging countries, through prevention and education projects.

Establishment of the Dr. Hans-Jürgen Schinzler Foundation

Open to all current and former Munich Re employees worldwide, the foundation aims to support staff in their voluntary work in various areas of society.

GIG – Sustainability criteria for investments

Munich Re’s globally binding General Investment Guidelines (GIG) specify that our investments in shares, corporate bonds, bank bonds and government bonds must meet certain sustainability requirements.

2004

renewables 2004 conference

Munich Re takes part in the International Conference for Renewable Energies (renewables 2004). The conference outlines the path towards global development of renewable energies.

Tsunami help

Munich Re responds to the tsunami catastrophe in Thailand with both monetary and non-monetary donations.

2003

Launching of MEAG Nachhaltigkeit mutual fund

Besides considering the traditional criteria for investments in shares or bonds – return, risk and liquidity – this fund also considers specific sustainability aspects.

Creation of a company medical centre

A central company medical centre for individual consultancy and treatment of employees is set up. The prophylactic healthcare services it provides include check-ups and influenza vaccinations.

Successful EMAS recertification and introduction of ISO 14001

Munich Re meets further standards: successful EMAS recertification and first-time certification to DIN EN » ISO 14001 for environmental management systems, thus making Munich Re’s standards comparable at international level.

Certification of Victoria Krankenversicherung AG

Victoria Krankenversicherung AG in Düsseldorf is certified to EMAS and to DIN EN ISO 14001. In addition, the UK headquarters of D.A.S. is certified to DIN EN ISO 14001, a first for a legal protection insurer.

2002

German Corporate Governance Code

On 6 December, Munich Re’s Board of Management and Supervisory Board publish their first declaration of conformity with the recommendations of the Government Commission for a » German Corporate Governance Code.

2001

First environmental statement

Munich Re publishes its first environmental statement under the title “Perspectives”.

Sustainability indices

Munich Re is included and henceforward listed in the two most important global sustainability indices, the Dow Jones Sustainability Index and the FTSE4Good.

2000 to 1973

2000

Establishment of an ISO 14001 environmental management system

Munich Re establishes an environmental management system according to ISO 14001 at its headquarters in Munich. As from 2008, the Munich and Milan offices use only green electricity.

1999

UNEP FI (United Nations Environment Programme Financial Initiative)

Munich Re becomes an active partner in the financial initiative of the UN environment programme.

1998

Participation in the Environmental Pact of Bavaria

The participants in the Environmental Pact of Bavaria undertake to save resources and use environmentally sound technologies. The objective is to achieve “environmentally compatible economic growth”.

EMAS (Eco-Management and Audit Scheme) certification for Victoria Versicherung AG

The ERGO company Victoria becomes the first insurance company in Europe to be certified to EMAS at its various sites.

1990

“Victorianer helfen” (“Victorians help”) is founded after German reunification to provide development assistance in eastern Germany.

The association begins by providing assistance for the village of Mechterstädt in Thuringia.

1973

Munich Re warns of the consequences of climate change for the first time

In a publication on flooding, Munich Re addresses the increasing concentration of carbon-dioxide and the related climate change for the first time, and proposes analyses for determining how far climate change could change the pattern of weather-related natural catastrophes.