Munich Re Sets Up $65 Million Risk Foundation

Under the motto “From Knowledge to Action,” Munich Re announced that it has established the Munich Re Foundation with an initial capital of 50 million euros ($64.71 million). The announcment said the foundation will intensify the giant reinsurer’s “efforts on behalf of people who are insufficiently prepared for risks due to population development, urbanization, water scarcity, and climate and environmental changes.”

“In its 125-year history, Munich Re has developed a unique fund of knowledge, which we now want to utilize even more widely for the benefit of society. This accords with our understanding of social responsibility,” stated Nikolaus von Bomhard, Chairman of Munich Re’s Board of Management, on the occasion of the company’s anniversary.
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The bulletin stated that the “first project to be financed by the foundation will be a Foundation Chair at the Institute for Environment and Human Security, which was opened in Bonn last summer and is part of the United Nations University. With its headquarters in Tokyo, the UN University contributes especially to promoting knowledge in developing countries.

“The Foundation Chair, to be financed by the Munich Re Foundation over a period of five years, will devote itself to fundamental questions: How does vulnerability to losses vary from culture to culture? How do people in different cultural circles deal with risks and disaster prevention? The research results will form an important basis for improving existing disaster prevention and tailoring it to the needs of people in different cultures.”

Detailed information on the foundation can be found at www.munichre-foundation.org. An overview of Munich Re’s history is provided at www.munichre.com.