Munich Re News

Munich Re Q2 Net Income Rises to $1.14 Billion on Lower Catastrophe Claims

Munich Re, the world’s biggest reinsurer, raised its full-year profit target after net income beat analyst estimates on lower catastrophe claims. The shares rose. Net income rose to 1.07 billion euros [$1.14 billion] in the second quarter from 758 million …

Munich Re Launches Inland Flood Insurance Product for U.S. Homeowners

Munich Reinsurance America, Inc. has launched a new personal lines inland flood insurance product designed to provide more options for homeowners in low-to-moderate-hazard flood zones. According to the National Flood Insurance Program (NFIP), flood is the most common natural disaster …

Global Insured Cat Losses in First Half Are Below Long-Term Average: Munich Re

Overall losses and insured losses from natural catastrophes during the first half of 2015 were below long-term average values, according to a review of global natural catastrophes issued by Munich Re. Total natural catastrophe losses incurred in the first half …

Munich Re’s ERGO May Cancel Purchase of Greek Insurer on Instability

Munich Re’s ERGO Insurance unit may cancel its planned 90.1 million euro ($100 million) acquisition of Greece’s ATE Insurance SA if the country doesn’t return to stability. “Depending upon how the political situation develops, it is possible that we will exercise the right …

World Cup Insurers Face Many Claims, Disputes Over Russia, Qatar

World Cup insurers are likely to refuse to pay out on many cancellation contracts if Russia and Qatar lose the rights to hold the tournaments because of fraud, industry experts said. Russia and Qatar could be stripped of their World …

HSB Engineering Insurance Appoints Wright as Chief Operating Officer

Specialist engineering and construction insurer HSB Engineering Insurance (HSB), part of Munich Re, has appointed Andy Wright as chief operating officer. Wright will be leading HSB’s operational strategy with primary focus on the delivery of exceptional customer service, IT business …

Munich Re Posts Q1 2015 $896 Million Profit; Lower Operating Results

Munich Re announced that it realized a profit of €790 million [$896 million] for the first quarter of 2015, compared to €941 million [$1.067 billion] in Q1 2014. Despite the lower figure, Munich Re said it is “still aiming for …

Insurers May Face Stock Sell-Off as Bond Yields Drop to Record Lows

Allianz SE, Europe’s biggest insurer, was cut to underperform by Jefferies Group as the investment bank warned insurance stocks may face an industrywide sell-off. “If bond yields fall further from here, the sector will likely sell off as investors factor …

Nat Cat Risks Aggravated by Persistent Extreme Weather Conditions: Munich Re

Munich Re has published a report, which notes that “over the past years, persistent extreme weather conditions have triggered severe natural catastrophes and caused losses in the billion range.” In addition the world’s largest reinsurer said: “There are a growing …

Munich Re Continues Buying Back Shares Amid Falling Profit

Munich Re, the world’s biggest reinsurer, will continue buying back shares as declining prices and lower investment income undermine earnings. Munich Re plans to repurchase an additional €1 billion ($1.056 billion) of its own shares before its 2016 shareholder meeting, …