Munich Re Upscaling Human Rights Due Diligence Using Verisk’s ESG Risk Analytics

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.

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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.

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“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.”

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