“There will always be more acute issues in the short term”

Munich Mr. Wenning, as the world’s largest reinsurer, Munich Re has to keep an eye on virtually every risk around the world. Were you and your experts aware of the danger of a war in Central Europe?
No, the specific war in Ukraine was not on anyone’s agenda. Who really expected such a brutal attack by Russia? We keep an eye on the dangers of war in extreme scenarios. But we don’t model them nearly as precisely as, say, natural disasters. There is no basis whatsoever for this. Furthermore, war cannot be insured because it is ruinous. War damage is therefore excluded in the most important sectors such as personal and property insurance.