Strategy

Creating added value together

Acting in a responsible manner while at the same time creating added value for the Group and for society is the guiding principle of Munich Re and ERGO as part of the Group. We implement this maxim throughout the Group through our corporate responsibility strategy.

What we stand for
The professional management of risks is part of our day-to-day business. Not only our customers but also society benefit from our broad knowledge of risks, our experience on different markets, and our expertise in calculating risks and long-term cover for individual needs. We apply our expertise and practical solutions in order to reduce risks and provide cover for people and their individual schemes of life. In this way, we create social and economic added value.

What we aim to achieve
We operate in an extremely dynamic environment in which not only natural catastrophes but also complex new risks can lead to high losses and affect people as well as entire economies. We therefore believe we have a responsibility to identify previously unknown risks early on and to develop insurance solutions that create sustainable value for everyone.

We set the following priorities
We have geared our Corporate Responsibility strategy to the shared-value approach. This means that, as part of our business activity, we want to combine economic and social progress in order to meet major global challenges which can only be solved by working together. In developing our corporate responsibility strategy, we let ourselves be guided by the Sustainable Development Goals of the United Nations.

We thus identified the following three challenges, which are of particular importance for us as a corporate entity, for our customers and for society at large:

1. mitigating the effects of climate change,
2. improving access to healthcare and
3. enhancing risk awareness.

We have the relevant skills, resources and risk expertise to develop new solutions and exploit business opportunities. Working closely with recognised partners, we generate added value by bringing in not only financial resources but, in particular, our know-how.

How we go about this
In the area of corporate responsibility, we focus on four fields of action:

• Sustainable business practices
  We proactively consider environmental, social and governance aspects in our insurance business and investment management.
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• Environment
  We have built up a Group-wide environmental management system and our operations have been carbon-neutral since 2015.
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• Commitment
  With our social commitment, we play our part as a responsible Group and also support projects that are close to our core business.
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• Reporting
  We regularly report on our activities and talk to our stakeholders in order to better understand their needs.
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Our voluntary commitments such as the ten principles of the UN Global Compact, the Principles for Responsible Investment and the Principles for Sustainable Insurance form the basis of our actions.