Germany-based Munich Re has stopped new businesses and joined the growing list of insurers that do not renew existing contracts in Russia and Belarus.
In a statement, Munich Re CEO Joachim Wenning said the insurance company condemned Russia’s invasion of Ukraine and upheld the sanctions imposed.
“Munich Reinsurance represents a peaceful and democratic world. Russia’s aggression is against international law. Attempts to put the strongest law on top of international law are completely unacceptable,” Wening said. .. Western communities with common values – we also know that they will not remain without affecting our economy. “
Munich Re will also suspend investment in the region and will only make exceptions to this rule if the suspension adversely affects individuals or companies in need of protection.
Munich Re will focus humanitarian aid on the thousands of most vulnerable war refugees through donations to international organizations such as Save the Children, the Red Cross and SOS Kinderdelfer, instead of shutting down.
Earlier this week, Allianz made a similar promise to stop new businesses and investments in Russia on behalf of its investment portfolio.
Munich Re suspends new business in Russia and Belarus
Source link Munich Re suspends new business in Russia and Belarus