Munich Re, a leading global provider of reinsurance, primary insurance and insurance-related risk solutions, has selected Verisk’s global risk analytics business, Verisk Maplecroft, to help it enhance human rights due diligence across the entire enterprise.
Using Verisk Maplecroft’s world leading Human Rights Risk Indices, which identify exposure to 31 civil, political and labour rights risks at national and subnational levels in 198 countries, Munich Re will upscale its ability to undertake global operational risk assessments, alongside factoring the data into its underwriting and investment decisions.
“Munich Re has always been committed to observe its duty of care on human rights along the value chain and has strived to prevent potential adverse impact on human rights arising from its business operations,” says Silke Jolowicz, Head of Sustainability at Munich Re. “To meet our strong internal requirements and the increasing legal obligations facing global business today we have decided to work with Verisk Maplecroft whose data will help us achieve these aims.”
Verisk Maplecroft has been measuring and analysing human rights risks for over 15 years. Its Human Rights Dataset is the only structured set of analytics covering the full range of rights the world over and is recognised as the benchmark for excellence in assessing these risks. The data has long been used by multinationals managing human rights risks in their operations and supply chains, and by asset managers and banks assessing and addressing their human rights risk exposure across complex global investment and lending portfolios. Adoption by insurers is the next step.
“As sustainability and ESG continue to quickly move more central into insurer’s strategic and operational thinking, we’re seeing increased attention from companies in the sector into how they can better manage human rights due diligence processes and wider ESG issues, such as climate change,” says Verisk Maplecroft President Matt Moshiri. “Munich Re is one of the first movers in this space and we are delighted to be working with them in their efforts.”
Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global issues, including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The Group consists of the reinsurance and ERGO business segments, as well as the asset manager MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through Hurricane Ida in 2021. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies or cyber risks. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.