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Munich Re exits Russia

Reinsurance giant is the latest company to cease doing business in the country 

Munich Re has joined the growing list of global re/insurers that are exiting the Russian market or suspending business there following the invasion of Ukraine.

In condemning the attack on Ukraine, Munich Re said it will not renew existing contracts in Russia and Belarus, and suspend new business. The group said it will take a similar approach with its investment portfolio in the region.

"Our full solidarity goes out to the people affected in Ukraine and their families," said Munich Re chief executive, Joachim Wenning. "Munich Re stands for a peaceful and democratic world. Russia's invasion is an act contrary to international law. The attempt to place the law of the strongest above international law is completely unacceptable.

"We expressly support the sanctions initiated by the Western community of shared values – also in the knowledge that they will not remain without consequences for our economies," Wenning said. 

Earlier this week, similar moves were announced by Allianz, Zurich and Swiss Re. Departures from Russia have also been announced by Marsh McLennan, Aon and WTW.






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