Munich Re is becoming a member of different insurers, reinsurers and brokers which have withdrawn from enterprise with Russia.
Condemning Russia’s assault on Ukraine and supporting the sanctions, Munich Re stated it won’t renew present contracts in Russia and Belarus, and new enterprise has been suspended. The group will do the identical with its investments within the area.
“The occasions of the previous few days have shaken us all deeply. Particularly at this second, it’s the activity of all peace-loving individuals to indicate unity and help,” stated Munich Re CEO Joachim Wenning.
“Our full solidarity goes out to the individuals affected in Ukraine and their households. Munich Re stands for a peaceable and democratic world. Russia’s invasion is an act opposite to worldwide regulation,” he added.
“The try to put the regulation of the strongest above worldwide regulation is totally unacceptable. We expressly help the sanctions initiated by the Western neighborhood of shared values – additionally within the data that they won’t stay with out penalties for our economies.”
Munich Re stated it’ll solely make exceptions to this rule – sanctions rules allowing – if the suspension of enterprise negatively impacts individuals or corporations in want of safety.
Munich Re has becoming a member of the rising ranks of corporations which might be withdrawing from Russia: insurers Swiss Re and Allianz, brokers Marsh, Aon and Willis Towers Watson in addition to banks and ship classification societies, comparable to Lloyd’s Register, which certify that ships are seaworthy for securing insurance coverage.
Munich Re stated it’s making a contribution to alleviate the hardship of the a whole bunch of 1000’s of battle refugees. The group donates to the worldwide assist organizations Save the Kids, Crimson Cross, and SOS Kinderdörfer in order that significantly susceptible teams comparable to households and kids will be rapidly supplied with necessities comparable to shelter.
As individuals at the moment are primarily fleeing the battle zone by way of the Polish border, Munich Re is at the moment concentrating its assist on this area.
Supply: Munich Re
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