Munich Re reports approximately €800 million (US$935 million) in COVID-19-related losses in reinsurance during the third quarter. 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 its European insurer, ERGO — a profit of about €200 million (US$234 million), compared with €865 million (US$1 billion) during the third quarter last year.
Munich Re will publish detailed information on its quarterly figures on Nov. 5, 2020.
Topics USA Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Comulate Loses Appeal for Injunction Against Applied Systems 
NY Archdiocese Can Depose Chubb CEO Greenberg in Clergy Abuse Claims Case 
Acrisure to Cut 2,250 Employees, Citing Advances in Technology and AI 
Moody’s: US Faces $375B in Uninsured Flood Losses From 1-in-100-Year Event 
