AXA, Munich Re and sixteen other firms abandon the Nord Stream 2 project

Posted on Feb 25, 2019 2021 at 10:27Updated 25 Feb. 2021 at 10:46

Faced with the risk of American sanctions, a series of insurers including the French AXA have decided to no longer cover the Nord Stream 2 project. In total, eighteen companies have gradually reduced their participation in the construction project of the gas pipeline connecting Russia to Germany and will not be sanctioned by Washington, according to a document that the administration of US President Joe Biden forwarded to Congress last week and which Reuters was able to consult.

We weres a very small insurer in this project, but it is clear that our global presence still confronts us with geographic tensions, told “Echoes” Thomas Buberl, CEO of AXA. Because we want to continue to develop in all countries, we certainly want to try to avoid exposure of a geopolitical nature that would be negative for us and here we just followed the trend of other insurers who were much more powerful than us. in that case. “

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