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Munich Re makes coal handling announcement

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World Coal,

The Unfriend Coal campaign, together with Urgewald and the social movement Avaaz, has welcomed the latest announcement by Munich Re CEO Joachim Wenning on his group's future handling of coal.

According to Wenning’s guest article in the Frankfurter Allgemeine Zeitung, the world's second largest reinsurer plans to stop offering insurance for new coal-fired power plants and mines in industrialised countries. In addition, Munich Re will no longer invest in shares and bonds of coal companies that generate more than 30% of their revenues in the coal sector.

The announcement follows months of criticism from Unfriend Coal and its member NGOs. It comes after coal exclusion announcements by many other insurance groups in the recent months, including Allianz and the reinsurers Swiss Re and SCOR.

Following the new announcement, six major international insurers – Munich Re, Allianz, AXA, SCOR, Swiss Re and Zurich – have, with differing degrees, restricted the insurance of coal projects. Now, close to half the global reinsurance market has announced a divestment from coal as measured by the share of written premiums.

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