Chief Executive Officer (CEO) of Munich Re Group, Christoph Jurecka speaks during the Annual General Meeting (AGM) of the company at the headquarters in Munich, southern Germany, on April 29, 2026. (Photo by Michaela STACHE / AFP via Getty Images)

Chairman of the supervisory board of Munich Re Group, Nikolaus von Bomhard addresses shareholders during the Annual General Meeting (AGM) of the reinsurer at the headquarters in Munich, southern Germany, on April 29, 2026. (Photo by Michaela STACHE / AFP via Getty Images)

Chief Executive Officer (CEO) of Munich Re Group, Christoph Jurecka speaks during the Annual General Meeting (AGM) of the company at the headquarters in Munich, southern Germany, on April 29, 2026. (Photo by Michaela STACHE / AFP via Getty Images)

Chief Executive Officer (CEO) of Munich Re Group, Christoph Jurecka attends the Annual General Meeting (AGM) of the company at the headquarters in Munich, southern Germany, on April 29, 2026. (Photo by Michaela STACHE / AFP via Getty Images)

Chief Executive Officer (CEO) of Munich Re Group, Christoph Jurecka (back C-R) addresses shareholders during the Annual General Meeting (AGM) of the reinsurer at the headquarters in Munich, southern Germany, on April 29, 2026. (Photo by Michaela STACHE / AFP via Getty Images)

Chief Executive Officer (CEO) of Munich Re Group, Christoph Jurecka (L) and chairman of the supervisory board Nikolaus von Bomhard attend the Annual General Meeting (AGM) of the company at the headquarters in Munich, southern Germany, on April 29, 2026. (Photo by Michaela STACHE / AFP via Getty Images)

Chief Executive Officer (CEO) of Munich Re Group, Christoph Jurecka waves as he arrives to attend the Annual General Meeting (AGM) of the reinsurer at the headquarters in Munich, southern Germany, on April 29, 2026. (Photo by Michaela STACHE / AFP via Getty Images)

Chief Executive Officer (CEO) of Munich Re Group, Christoph Jurecka speaks during the Annual General Meeting (AGM) of the company at the headquarters in Munich, southern Germany, on April 29, 2026. (Photo by Michaela STACHE / AFP via Getty Images)