Commenting on the latest developments in the world’s financial markets, Munich Re’s Board of Management Chairman, Dr. Nikolaus von Bomhard, stated: “We welcome the measures adopted by the European states and the German Federal Government. They were necessary steps at the right time to calm and stabilize the financial markets. The share-price recoveries over the past two days are a first positive indication that these measures are taking effect.”
However, he continued, the “package of measures probably cannot prevent the crisis spreading to the real economy – stagnation at least is likely in Europe and the USA.”
The bulletin added that Munich Re, “like the insurance industry as a whole, has not been left unscathed by the market developments. But as things stand at present, no fundamental impacts on the Group are to be expected. Munich Re’s capitalization is solid.”
Source: Munich Re – www.munichre.com
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