Countermotion: Loopholes for coal

Countermotion on Agenda Item 3


The Association of Ethical Shareholders Germany moves that approval for the actions of the members of the Board of Management not be given.


Munich Reinsurance Company’s Board of Management is not sufficiently fulfilling its duty to take more effective action to protect the climate.

Loopholes for coal

Munich Re has stopped (re)insuring coal-fired power plants and mines since 2018, but only at the level of individual projects. Its coal exclusion does not apply to collective reinsurance arrangements, referred to as treaty reinsurance, in which entire books are reinsured. It therefore can still cover risks involving coal-fired power plants, mines or infrastructure. By comparison, its competitor Swiss Re is in fact phasing out such risks: in March 2021, Swiss Re clarified its 2018 coal policy to the effect that it will be gradually excluding coal from treaty reinsurance as well, starting in 2023. Munich Re must follow suit and close the remaining loopholes in its coal policy.

In 2020, Munich Re reinsured the Polish insurer PZU. PZU is the most important insurer in Poland for all kinds of coal projects. Reinsuring this company supports Poland’s dependence on coal, and runs counter to Munich Re’s own climate promises.

Support for oil and gas industry counteracts own climate protection efforts

Beyond coal, Munich Re announced in December 2020 that it would reduce carbon dioxide emissions financed in investments in the oil and gas sector by 25% by 2025, and in the insurance sector by 5%. These initial steps are fine, but they are still not ambitious enough – especially in the oil and gas sector, where Munich Re is aggressively targeting clients at the same time: see This again clearly contradicts the more positive climate picture that Munich Re is trying to paint for itself.

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