Company: Munich Re
Munich Re provides reinsurance, primary insurance and insurance-related risk solutions to clients worldwide. Founded in 1880 in Germany, Munich Re is now a leading global player in traditional and innovative fields of risk transfer.
Munich Re has four central values that drive their business. They strive to always look forward and think ahead to improve the consumer experience and transform how insurance is bought and sold. Munich Re has a drive for expertise to constantly improve their business model. The company has a commitment to success, determined to overcome obstacles and invest in their customers’ success. Lastly, Munich Re holds respect for those they work with by valuing their differences, promoting new perspectives and creativity and maintaining open, honest relationships with colleagues and clients.
Their mission is to value and leverage the full potential of their employees by building leadership capabilities, creating an inclusive workplace and empowering their diverse workforce. Munich Re believes that an inclusive culture creates a welcoming environment and increases employee engagement and sense of purpose. Munich Re is also committed to sustainability through recycling, CO2 reduction and renewable energy programs and charitable giving through business unit locations and projects at the local and national level.
Munich Re’s Executive Board, Employee Resource Groups, Diversity & Inclusion Council and partnerships with external organizations representing diverse communities helps build this foundation of diversity and inclusion. Women represent 20% of Munich Re’s Board of Management as of December 2023. Sandra Kelly serves as the Human Resources Director for Munich Re. Women also make up a proportion of Munich Re’s Supervisory Board. For example, Dr. Anne Horstmann is the Deputy Chair while Ruth Brown, Angelika Judith Herzog and other women are members.
As of 2022, women accounted for 38.5% of management positions globally and 28.8% in Germany. Through Munich Re’s Ambition 2025 plan, the company plans to increase the proportion of women in management positions to 40% globally and across all management levels (Munich Re Sustainability Report 2022). Munich Re plans to implement a revised staffing process for senior management positions, a stronger focus on gender-balanced talent development and quarterly monitoring gender diversity progress to reach these goals. Munich Re supports internal networks and employee resource groups for employees. These volunteering and employee-led groups include networks for women, people of color, young professionals, LGBTIQ+, working parents and professionals. Through these networks, Munich Re employees connect with each other, undergo professional development and seek support.
Munich Re’s diversity, equity and inclusion efforts extend into the employee level. In 2022, 52.5% of their 41,389 employees were women. In 2022, Munich Re promotes gender diversity by providing mentoring programs, coaching, training courses for women in management, career advisory services, training courses on unconscious bias and other services for their employees. Munich Re continues to place emphasis on balanced gender diversity in their talent programs. For example, their Grow (ERGO) program has 50% women, the Oxygen (Reinsurance) program has 49% women and the Hydrogen (Reinsurance) program has 42% women respectively.
In 2022, Munich Re Munich was awarded the “Newcomer of the Year” award in 2022 for their efforts in gender and inclusion from the results of the Women’s Career Index 2021.