Hannover Re Sustainability Profile
Hannover Re, officially known as Hannover Rück SE, is a leading global reinsurance company headquartered in Hannover, Germany. Established in 1966, it has grown to become one of the largest reinsurers worldwide, with significant operations across Europe, North America, and Asia-Pacific. Specialising in property and casualty reinsurance, life and health reinsurance, and specialty lines, Hannover Re is renowned for its innovative solutions and strong risk management capabilities. The company has achieved notable milestones, including consistent financial strength ratings and a robust market position, making it a trusted partner for insurers globally. With a commitment to sustainability and digital transformation, Hannover Re continues to set industry standards, providing unique products and services that cater to the evolving needs of its clients.
DitchCarbon Score
How does Hannover Re's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Insurance Services industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Hannover Re's score of 42 is higher than 60% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Hannover Re's reported carbon emissions
In 2023, Hannover Re reported total carbon emissions of approximately 19,092,210 kg CO2e, comprising 389,240 kg CO2e from Scope 1, 1,454,630 kg CO2e from Scope 2, and 17,248,340 kg CO2e from Scope 3 emissions. The Scope 3 emissions were primarily driven by business travel, which accounted for about 15,910,570 kg CO2e. Hannover Re has set ambitious reduction targets, aiming for a 25% reduction in greenhouse gas emissions per employee at its Hannover location by 2023, using 2019 as the base year. This target applies to both Scope 1 and Scope 2 emissions. Additionally, the company has tightened its goal to reduce its overall carbon footprint from corporate bonds, covered bonds, and equities by 30% by 2025, again using 2019 as the baseline. The emissions data is cascaded from its parent company, Hannover Rück SE, reflecting the company's commitment to sustainability and climate action within the insurance and reinsurance industry.
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| 2022 | 2023 | |
|---|---|---|
| Scope 1 | 510,130 | 000,000 |
| Scope 2 | 1,658,180 | 0,000,000 |
| Scope 3 | 14,500,150 | 00,000,000 |
How Carbon Intensive is Hannover Re's Industry?
How Carbon Intensive is Hannover Re's Location?
Hannover Re's Scope 3 Categories Breakdown
Hannover Re's Scope 3 emissions, which increased by 19% last year and increased by approximately 19% since 2022, demonstrating supply chain emissions tracking. The vast majority of their carbon footprint comes from suppliers and value chain emissions, representing the vast majority of total emissions under the GHG Protocol, with "Business Travel" being the largest emissions source at 92% of Scope 3 emissions.
Top Scope 3 Categories
Hannover Re's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Hannover Re has not publicly committed to specific 2030 or 2050 climate goals through the major frameworks we track. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
