Press release
Paris, October 6, 2022 – Munich Re, the world’s leading reinsurer and a founding member of the Net Zero Insurance Alliance (NZIA), has announced that it will no longer cover new oil and gas production projects (1). Munich Re, thanks to its new sectoral policy, joins the second and third largest reinsurers Swiss Re and Hannover Re who also made similar commitments last March. The French SCOR, also a founding member of the international coalition of insurers committed to achieving carbon neutrality (2), is falling further and further behind its peers by continuing to support new gas production projects that are strictly incompatible with the objective of limiting global warming to 1.5°C (3). Reclaim Finance welcomes Munich Re’s commitment against oil and gas expansion and calls on the French company SCOR to do the same at the latest by COP 27.