Munich Re Toughens Guidelines on Oil & Gas Insurance
06 Octobre 2022 - 4:57PM
Dow Jones News
By Ed Frankl
Muenchener Rueckversicherungs-Gesellschaft AG said Thursday that
it was tightening up its rules on how it insures oil-and-gas
projects, as the reinsurer aimed for more ambitious decarbonization
targets.
Germany's largest reinsurer, better know as Munich Re, said it
will no longer invest in or insure contracts or projects that
exclusively cover the planning, financing, construction or
operation of new oil-and-gas fields.
The company also won't insure new midstream infrastructure
related to oil, or new oil-fired plants.
The new investment and underwriting guidelines, which it says it
will implement from April 1, 2023, are for projects in which no
production has taken place before the end of 2022.
Munich Re has sometimes moved away from underwriting
controversial projects based on climate concerns. In April, it
opted out of insuring the East African Crude Oil Pipeline, which is
expected to connect Uganda and Tanzania.
The DAX-listed company has pledged to achieve net-zero emissions
across its investment and insurance portfolios by 2050.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
October 06, 2022 10:42 ET (14:42 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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