Munich Re also refuses to insure Nord Stream 1 after Allianz

German reinsurer Munich Re does not intend to proactively extend its policy for the Nord Stream 1 gas pipeline. A company spokesperson told Reuters. The insurance contract for Nord Stream 1 expires this year. Allianz announced on Wednesday that it would not renew the pipeline’s insurance policy.

Munich Re gave no further details. Allianz is part of an insurance consortium that provides cover to the pipeline’s four European minority shareholders.

Sources told Reuters that Allianz, Munich Re and another German company are among the European insurers that previously renewed insurance for the damaged Nord Stream 1 gas pipeline, which is controlled by Russia.

The Nord Stream 1 and Nord Stream 2 pipelines, through which Russia sent and planned to send gas to Germany and elsewhere in Europe, were damaged by unexplained explosions last September. At the time, no gas was flowing through Nord Stream 1, which Russia said was due to necessary maintenance. Nord Stream 2 had been completed but was not launched because of the war in Ukraine and anti-Russian sanctions.