Munich Re stance on Arctic Drilling

The exploitation of oil and gas reserves harbours major environmental risks for the Arctic ecosystem. In December 2021, Munich Re’s board committee adopted its reinforced guidelines regarding Arctic Drilling and related infrastructure.

We will not accept stand-alone covers for Arctic oil and gas drilling activities including directly related infrastructure measures. This also applies to mixed covers and treaty business that contain exposures to the above activities above a defined minimal threshold, as of 1 January 2022 (for renewals of existing treaty business as of 1 January 2023). Munich Re’s definition of the Arctic region is based on the internationally accepted definition of the Arctic by the Arctic Monitoring and Assessment Programme (AMAP), with minor exceptions in the Norwegian region. Any exceptions to this guideline are subject to mandatory approval by the responsible Board Committee. The guidelines underline once again that Munich Re is aware of and fulfils its responsibility to protect the environment.