Hannover Re, Munich Re to stop underwriting Ukraine war-related risks

Germany-based Hannover Re SE and Munich Reinsurance Co. have warned that they will stop underwriting any risks related to the Ukraine-Russia war from the start of 2023, Reinsurance News reported citing Bloomberg. This decision would increase primary insurers’ exposure to war-related risks and would also lead to a huge jump in insurance premiums or lack of coverage for shipowners.