Any term in the action, subject to a quantization condition should possess an appropriate nonrenormalization theorem protecting its coefficient. Please, see the following Wikipedia article . (The article refers also to other nonrenormalization theorems due to the holomorphy of the superpotential which are not relevant to our case.)
An example of this type of nonrenormalization theorem is the Adler-Bardeen theorem (Please see the following review by Adler), which guarantees that no correction to the anomaly exists beyond one-loop. This theorem is related to the quantization of the coefficient of the Wess-Zumino-Witten term in $3+1$ dimensions.
The deep reason is related to the index theorem which states in the case of chiral anomaly that the integrated axial charge deficit is equal to the index of a Dirac operator axially coupled to the gauge field.
The same is true for the Dirac quantization condition, The Dirac equation of a particle moving on a 2-sphere in the presence of a magnetic monopole has solutions only when the Dirac quantization condition is satisfied, and in this case $eg$ becomes half the number of zero modes of the Dirac equation, please see, for example, the following work by Deguchi and Kitsukawa for a derivation.
Thus, the quantization condition should place a constraint on the renormalization forcing the product of the renormalized electric and magnetic charges to be equal to an integer.