The FINANCIAL - Munich Re's coronavirus-related losses in reinsurance totaled €800m

Munich Re's coronavirus-related losses in reinsurance totaled €800m

Munich Re's coronavirus-related losses in reinsurance totaled €800m

The FINANCIAL -- In the third quarter, Munich Re registered COVID-19-related losses totalling about €800m in reinsurance. The losses were attributable to various business lines, such as insurance for major events and other property-casualty lines, and the life and health business.

As a result of high losses from natural disasters – particularly several severe hurricanes and wildfires in the United States – and man-made losses, the largest of which was the explosion in Beirut's port, Munich Re also registered what was an above-average claims burden from “non-COVID-19 major losses” for a single quarter.

Subject to the outcome of the ongoing quarterly closing, Munich Re anticipates – given the good performance once again at ERGO – a profit of about €200m (Q3 2019: €865m) for the third quarter of 2020.

Munich Re will publish detailed information on its quarterly figures as scheduled on 5 November 2020.

Author: The FINANCIAL

Advertisement

Ads on Banks

Events