For Hannover Re, sustainability means a commitment to responsible and transparent corporate governance geared to lasting success. With this in mind, a sustainability strategy was first developed for Hannover Re in 2011, fleshing out in more concrete detail the overriding corporate strategy of the Group and affirming the company's explicit commitment to its strategic objectives for sustainable value creation.
In conformity with the Group strategy, the sustainability goals are also reviewed pursuant to the three-year strategy cycle and adjusted on the basis of a materiality analysis and according to the current need for action. Sustainability goals that have not been achieved are carried over to the new strategy cycle.
Hannover Re's Sustainability Strategy 2021 - 2023 defines the four action fields shown below and specifies concrete goals.
- Core business
Hannover Re continuously pursues its sustainability goals and reports annually on their realisation in the sustainability report.
Key contents of our sustainability strategy
We have derived our sustainability strategy from our Group strategy and its foundations. It describes at greater length core elements of our sustainable actions and our contribution to a transformation into a sustainable future.
For the strategy cycle 2021-2023, the existing material topics were reviewed and updated as part of an enterprise-wide process, and the four strategic action fields were revised. Goals were defined for all action fields.
Our action field of transparency encompasses voluntary commitments and fundamental issues with implications for all other action fields.
Slowing the pace of climate change and mitigating its impacts as well as living up to duties of care in matters of human rights are major social concerns in which Hannover Re also has a part to play. These crosscutting issues are found in all action fields, with goals and measures put in place to support them.
Under the term “good governance” we subsume all measures that relate to responsible enterprise management and contribute to our values. We take as a basis the German Corporate Governance Code as well as our company‘s own Corporate Governance Principles. It is our expectation that our employees, and especially our managers, will rigorously adhere to our Code of Conduct, which applies worldwide. Through our ethical and social standards, we ensure integrity in interactions with our business partners, employees, shareholders and the public at large both in the context of our company‘s strategic orientation and in our day-to-day business.
The trust of our stakeholders is a vital precondition for our entrepreneurial success. We therefore strive to maintain an active ongoing dialogue. In this connection, we report regularly and transparently on relevant issues.
How we organise our core business serves as vital leverage for our contribution to the sustainable development of our world. Under the term “sustainable protection”, we bring together all our activities that support the transformation to a sustainable world. This includes all solutions for population groups that have previously had insufficient insurance protection or could only obtain it with difficulty, insurance offerings that mitigate the impacts of natural disasters or climate change or involvement in sustainable technologies. It also includes an intensive dialogue and knowledge transfer with primary insurance companies, business partners or insurtechs as well as participation in initiatives or research projects that promote these goals.
We understand ESG aspects in the underwriting business to mean all measures that alleviate any adverse impacts of our core business on sustainability. Obligatory treaties, under which we reinsure entire insured portfolios of our customers (cedants), account for a large share of our business. Given that obligatory reinsurance does not permit scrutiny on a case-by-case basis, we rely on a dialogue here with our customers when it comes to sustainability issues. On the facultative side, by contrast, we are able to exert a direct influence and steer our reinsurance activities accordingly.
Our investment strategy is designed, among other things, to generate a commensurate market return in the interests of our customers and shareholders. In this context, we emphasise the responsible management of our assets by consciously incorporating ESG criteria into our investment policy.
Motivated and well-trained employees are a crucial factor in the success of our company. Our goal is to find such individuals, retain them and offer them a work environment in which they can continue to grow both personally and professionally.
We want to be the “employer of first choice” for existing and potential future employees alike. Our holistic approach is reflected in our talent management. We want to optimally deploy and support our staff at all our locations. At the same time, we create working conditions that accommodate as far as possible the various individual circumstances of our employees. We also include here all measures put in place to promote the health and wellness of our workforce.
Diversity and equal opportunities are a top priority for us. This means not only promoting an employment climate free of discrimination, but also recognising the need to bring personal and professional life into a harmonious balance. We want to expand structures that foster the compatibility of career and family and cater to a range of different lifestyles and living concepts.
We take responsibility for the environment and the social landscape in which we operate.
The focus of our efforts to protect the environment is on reducing CO₂ emissions through the sustainable supply of power and heat to our premises, environmentally friendly travel options and working practices that conserve resources.
In addition to activities at the Hannover location, our social commitment extends to projects undertaken by our subsidiaries to address social concerns in their respective countries. In terms of content, our support is focused on the areas of research, teaching, art and culture as well as on encouraging the voluntary social engagement of our staff.