MUV2

   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)

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