Governance and corporate social responsibility

ERGO proactively assesses environmental, social and governance aspects in its insurance business and investment management. The business environment in which we operate is increasingly complex and new risks are constantly emerging. Climate change and demographic pressures are bringing major changes to our world. ERGO is ready for the challenges of this changing environment.

We maintain an active dialogue with stakeholders to better identify the environmental, social and governance aspects that matter to them. Based on Munich Re ESG impact assessments and ERGO’s systematic and interactive engagement with our stakeholders - customers, employees, Group companies, business partners, investors and the public – we regularly review and update areas of ESG significant to our stakeholders and disclose related information in Munich Re Group Annual Report, combined non-financial statement. 

ERGO is actively working on the issues, risks, governance and strategic development opportunities related to the identified significant ESG areas. 

ERGO defines sustainability risks as any event or circumstance related to the environment, social issues or corporate governance, the occurrence of which may have an actual or potential adverse effect on the assets, financial condition, performance and reputation of the company. The identification and management of these risks is addressed through a systematic and regular review of ESG aspects and changes in insurance business, investments, procurement and our own operational activities. Considering the nature of the insurance industry, sustainability risks are not strictly separable from other ERGO operational risk categories, therefore sustainability risks are an integrated part of ERGO overall risk management process. 

For example, climate change and related risks are equally categorised as sustainability risks, insurance risks and investment risks, thus working in an integrated way to manage such risks is more effective than separate activities across business units of the company.

At the same time, to strengthen the management of sustainability risks, ERGO also has a dedicated sustainability unit, which works on a daily basis with other business units of the company to identify and manage sustainability risks.

ERGO implements responsible corporate governance. We comply with legal standards as well as our own corporate rules and adhere to strict ethical principles. In addition to these measures, we promote stakeholder confidence in our organisation and prevent reputational damage through clear rules governing the conduct of our employees and management. We are committed to the ethical standards and strong values.

Our customers' needs and requirements govern everything we do as a company. Respecting our brand promise, we communicate clearly with our customers, offer easy-to-understand products and provide ample opportunities for customers to give us feedback and receive quality advice.

We take ESG criteria into account in our investments through prudent and forward-looking investment management with a quality control system. ERGO Estonia follows responsible investment guidelines developed within Munich Re Group framework, including ESG-related considerations where applicable.