Reinsurance giant Munich Re has selected Verisk’s global risk analytics business, Verisk Maplecroft, to help it enhance human rights due diligence across the entire enterprise.
By using Verisk Maplecroft’s world leading Human Rights Risk Indices, which have the ability to identify exposure to 31 civil, political and labour rights risks at national and subnational levels in 198 countries, Munich Re will be able to upscale its ability to undertake global operational risk assessments.
The reinsurer will also be able to factor the data into its underwriting and investment decisions.
For over 15 years, Verisk Maplecroft has been measuring and analysing human rights risks.
The businesses Human Rights Dataset is the only structured set of analytics covering the full range of rights across the world over.
It’s data has been used for many years by multinationals managing human rights risks in their operations and supply chains, as well as asset managers and banks assessing and addressing their human rights risk exposure across global investment and lending portfolios.
Silke Jolowicz, Head of Sustainability at Munich Re, commented: “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.
“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.”
Matt Moshiri, Verisk Maplecroft President, said: “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. Munich Re is one of the first movers in this space and we are delighted to be working with them in their efforts.”
Munich Re recently partnered with FUGU, an Israeli startup, to insure its e-commerce fraud prevention solution.
Furthermore, the reinsurance giant recently pegged global insured natural catastrophe losses at $120 billion for 2022.