ClimateTicker

Munich Re

XETRA: MUV257Mixed / Improving· Provisional
0 followersReinsurer·Munich, Germany·Founded 1880
www.munichre.com

World's largest reinsurer and a leader in catastrophe risk quantification and climate-linked insurance solutions, while phasing out coal underwriting and investments.

57/100
Mixed / Improving· Provisional

ClimateTicker Green Score · how it's calculated

Greenwashing risk: mediumData confidence: high

Why it's on ClimateTicker

Munich Re is the world's largest reinsurer and a genuine enabler of climate adaptation through catastrophe risk modelling and parametric climate-linked insurance products, giving it structural relevance on a climate platform. Its fossil-fuel exit policies (new oil/gas fields since 2023, partial LNG since 2025) are among the more progressive in the reinsurance sector, but material loopholes remain — notably the absence of midstream/downstream gas underwriting targets and a self-declared net-zero pledge that is not SBTi-validated. Its June 2025 withdrawal from the Net-Zero Asset Owner Alliance (NZAOA) and other key climate coalitions has further undermined its credibility as a 'climate pioneer.'

enablerMunich Re earns premiums by assuming catastrophe and specialty risks from primary insurers worldwide (reinsurance) and managing a large proprietary investment portfolio (~€250 bn AUM); climate-related products — parametric nat-cat covers, flood/drought indices — are a growing revenue line.

Commitments & Certifications

other: Self-declared Net Zero 2050 — not SBTi-validated ↗other: NZAOA Member — Withdrawn June 2025 ↗

Controversy & Greenwashing Watch

mediumNo midstream/downstream gas underwriting emissions targets

Despite upstream restrictions, Munich Re still lacks quantified underwriting decarbonisation targets for the oil-and-gas midstream (pipelines, LNG ships) and downstream sectors, a gap highlighted by multiple NGO coalitions.source ↗

mediumWithdrawal from Net-Zero Asset Owner Alliance and climate coalitions

In June 2025 Munich Re exited the NZAOA and other major net-zero coalitions, drawing criticism from NGOs who said the move signals a retreat from climate accountability peer structures.source ↗

mediumLNG underwriting loophole — 'directly and exclusively' qualifier

Munich Re's January 2025 LNG restriction is criticised for its narrow double qualifier, which still allows insurance of standalone LNG terminals, import facilities, and expansion infrastructure tied to existing gas fields.source ↗

lowLate and pressure-driven coal exclusion

Munich Re's coal underwriting exclusion came only after sustained public pressure from Insure Our Future and allies, with NGOs noting it followed years during which Munich Re's CEO publicly defended coal coverage.source ↗

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