Chief Financial Officer (CFO) of Munich Re Group, Andrew Buchanan attends 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)

Nikolaus von Bomhard, chairman of the supervisory board of Munich Re Group, 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 (R) and the company's CFO Andrew Buchanan share a smile 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)

Nikolaus von Bomhard, chairman of the supervisory board of Munich Re Group, 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 (R) and the company's CFO Andrew Buchanan 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)

A crude oil tanker unloads at the oil terminal of the port in Qingdao, in China's eastern Shandong province on April 28, 2026. (Photo by CN-STR / AFP via Getty Images) / China OUT

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)

A crude oil tanker unloads at the oil terminal of the port in Qingdao, in China's eastern Shandong province on April 28, 2026. (Photo by CN-STR / AFP via Getty Images) / China OUT