Climate Change Data

Environmental Metrics

ESG Focus Areas

• Not disclosed

Environmental Achievements

• Not disclosed

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Not disclosed

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Equality of women and men
• Work-life balance
• Diversity on the Executive Board and Supervisory Board
• Sustainability

Social Achievements

• Increased the proportion of women in executive positions to 20.4% by 31 December 2021. Goal to increase diversity on all managerial levels.
• Implemented various work-life balance measures including teleworking, mobile working, flexitime, part-time arrangements, and parental part-time arrangements.
• Established an Employee Assistance Programme (EAP) offering 24/7 support on personal, professional, and psychological issues.
• Company-funded in-house daycare center "HannoverReKids".

Governance Achievements

• Updated Declaration of Conformity with the German Corporate Governance Code.
• Appointed a woman to the Executive Board in March 2019, and a second woman by January 2023.
• 56% of the Supervisory Board were women in 2021.

Climate Goals & Targets

Environmental Challenges

• Underrepresentation of women on higher hierarchical levels.
• Covid-19 pandemic presented unexpected challenges, particularly for families.

Mitigation Strategies

• Implemented tools and procedures to support women's career development.
• Financial support to employees during Covid-19-related school and daycare closures.
• Expanded teleworking and mobile working arrangements.
• Partnership with a provider of corporate childcare services.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Climate change
• Employee concerns
• Social issues
• Respect for human rights
• Combating corruption and bribery

Environmental Achievements

• Reduced carbon footprint (Scope 1 and 2) of investments under own management from the areas of corporate bonds, covered bonds and equities by 30% by the year 2025 compared to the base year of 2019 (ongoing, on target)
• Reduction of greenhouse gas emissions at the Hannover location by 25% per employee (base year 2019) (achieved)
• Expansion of data recording for relevant environmental aspects to at least 75% of the global workforce; the assessed locations are to become 100% climate-neutral through the purchase of certificates (achieved)
• No underwriting of facultative new business in coal-fired power plants or mines for thermal coal (achieved)

Social Achievements

• Launched Talent Management initiative to attract and retain talented employees, optimally deploy, foster and develop them at all locations, and create a work environment that makes Hannover Re the employer of choice (ongoing)
• Adoption of a Global Assignment Policy (achieved)
• Alignment of training activities with the values and core competencies of Hannover Re and expanded reporting on the worldwide programme of continuing training (achieved)
• Gender-neutral new appointments/replacements for all vacant leadership positions on all managerial levels worldwide (achieved)
• Worldwide programme of mobile working (achieved)

Governance Achievements

• Completely revised Code of Conduct in 2022, emphasizing integrity and lawful conduct (achieved)
• Implementation of a compliance management system aligned with international standards (ongoing)
• 100% of core IT suppliers have committed to compliance with the Third Party Code of Conduct or equivalent rules (achieved)

Climate Goals & Targets

Environmental Challenges

• High frequency of medium-severity catastrophe losses
• Persistently high inflation
• Geopolitical risks
• Deglobalisation
• Climate change
• Cyber risks
• Opioid crisis lawsuits
• PFAS-related lawsuits
• Shortage of qualified specialists
• Cyber attacks
• Data mishaps
• Financial difficulties due to underwriting risks

Mitigation Strategies

• Further strengthening of loss reserves
• Improved risk-adjusted prices and conditions in reinsurance
• Active portfolio management to ensure long-term profitability
• Sophisticated risk management system
• Implementation of a framework for the management of sustainability and reputational risks
• Information Security Management System (ISMS)
• Business Continuity Management (BCM) system
• Data quality management
• Compliance management system
• Internal control system
• Talent Management initiative
• Global Assignment Policy
• Revised Code of Conduct
• Third Party Code of Conduct for suppliers
• IT Procurement Guideline
• Conservative reserving level
• Retrocessions to reduce volatility and conserve capital
• Risk-based pricing of reinsurance products
• Regular reviews of models used for treaty quotation
• Stress tests for natural catastrophes
• Measures to deal with inflation
• Transfer of cyber risk via external protection cover
• Emerging Risks working group

Supply Chain Management

Supplier Audits: 100% of core IT suppliers committed to compliance with the Third Party Code of Conduct

Responsible Procurement

• Third Party Code of Conduct for suppliers
• IT Procurement Guideline

Climate-Related Risks & Opportunities

Physical Risks

• Increased frequency and severity of natural catastrophes (storms, floods, wildfires)

Transition Risks

• Stranded assets
• ESG risks
• Compliance risks

Opportunities

• Increased demand for reinsurance products to protect against natural catastrophes
• New business opportunities in parametric covers and solutions for mitigation/adaptation to climate-related risks
• Investment opportunities in sustainable innovative technologies

Reporting Standards

Frameworks Used: GRI, EU Taxonomy Regulation

Third-party Assurance: PricewaterhouseCoopers (limited assurance)

Sustainable Products & Innovation

• Reinsurance of renewable energy sources
• Parametric insurance solutions