New Oil & Gas investment / underwriting guidelines

As an environmentally conscientious business, Munich Re aims to play its part in meeting the targets of the Paris Climate Agreement. The Group has therefore set itself ambitious decarbonisation targets for its investments, its (re)insurance transactions and its own business operations.

Against this backdrop, as of 1 April 2023 Munich Re will no longer invest in or insure contracts/projects exclusively covering the planning, financing, construction or operation of

• new oil and gas fields, where as at 31 December 2022 no prior production has taken place or
• new midstream infrastructure related to oil, which have not yet been under construction or operation as at 31 December 2022 and
• new oil fired power plants, which have not yet been under construction or operation as at 31 December 2022

This applies to direct illiquid investments, our primary, facultative and direct (re)insurance business. The same applies where such risks are contained or bundled in one cover together with other risks (e.g., existing oil or gas fields), when the cover is mainly designed to protect one or more of such new risks.

Furthermore, in its own listed equities & corporates portfolio, as of 1 April 2023, Munich Re will cease to conduct new direct investments in pure-play Oil & Gas companies. As of 1 January 2025, Munich Re will require a credible commitment to net-zero greenhouse gas emissions by 2050 including corresponding short- and mid-term milestones from listed integrated O&G companies with the highest relative and absolute emissions.