3 May 2023Insurance

Munich Re launches green solutions after NZIA exit to target ‘E’ in ESG

Munich Re Specialty Group, the parent of Munich Re Syndicate, has launched Green Solutions and an ambitious goal to become a major player in the market for green commercial specialty and primary insurance risks by 2030. The move follows the company’s decision to  leave the Net-Zero Insurance Alliance (NZIA) at the end of March.

Munich Re said the Green Solutions is a “natural and planned next step” following its Oil and Gas investment and underwriting guidelines and aligns with the company’s sustainability approach.

The goal of this initiative is for Munich Re Specialty Group to become the preferred partner for sustainable risks in the London and Lloyd’s market by 2030 and support the execution of its customers’ net zero ambitions.

The Green Solutions portfolio will comprise a range of insurance solutions and services, and bring together the Specialty Group’s existing 'Green Technology' products and global distribution network to develop, expand and introduce new risk solutions.

The portfolio will target sectors with “proven and emerging technologies” in areas such as photovoltaic, wind, carbon capture and energy storage. A key component of the offering will be to contribute to “thought leadership with strategic partners and clients”.

The offering aims to bring together data, insights and cross-sector experts to provide a trusted source of knowledge and inform best practice on the sustainability challenges clients face and help catalyse their transition to net zero.

Initially focused on London and Lloyd’s clients, Munich Re Specialty Group will appoint new dedicated underwriting executive and will build an expanded team to support the Green Solutions portfolio.

Mike Kerner, member of the board of management of Munich Re, responsible for Global Specialty Insurance, said: “Green Solutions specifically targets the E in ESG, and seamlessly aligns with the wider Munich Re Group strategy, as well as underscoring our determination to fulfil our role in supporting the targets of the Paris Climate Agreement. The new Global Specialty Insurance division has a pivotal role in making Munich Re’s sustainable approach a reality through delivering new products for our customers who are working to deliver net zero for their sector.”

Silke Jolowicz, head of sustainability for Munich Re Group, said: “By applying a solution based framework to our (re)insurance business, we are able to focus on activities which have the potential to contribute to climate change mitigation. The Green Solutions portfolio aims to enable new sustainable technologies and ultimately support our Group ambition to help our clients succeed in a low-carbon economy.”

Dominick Hoare, group chief underwriting officer for Munich Re Specialty Group, said: “I’m delighted to bring the Green Solutions portfolio together within the Group capacity. Over the course of the next year, we are determined to bring our new product lines to our clients as they increasingly and urgently pivot to more sustainable business models. Munich Re Specialty Group’s underwriting excellence, strong market presence and trusted brand paired with our wide distribution footprint means we have the credentials to deliver on our aim of being the partner of choice for the transition to net zero.”

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