Hurricanes in the USA mean high damage for the Munich DAX group Munich Re – this year’s hurricane season is expensive.
The series of severe storms and storms in the USA, the Caribbean and Europe is putting a strain on the reinsurer Munich Re – but according to the board, it does not endanger the profit target for this year. At 900 million euros, net profit in the third quarter will be around half a billion lower than analysts expected. The Munich DAX group reported this in a mandatory announcement for the stock exchange.
Board of Directors sticks to 5 billion profit target
The costliest natural disaster in the third quarter was Hurricane Helene, which hit the southeastern United States in September. According to preliminary figures, “Helene” alone costs Munich Re around 500 million euros. Nevertheless, CEO Joachim Wenning and his colleagues assume that the company will achieve this year’s target of over 5 billion euros in net profit.
After nine months you have already earned 4.7 billion
It was only after the end of the third quarter that Hurricane “Milton” devastated the US state of Florida at the beginning of October. Munich Re also expects a “significant loss burden” in this case, as it said in the statement. But since the company already achieved a total net result of 4.7 billion euros in the first nine months, the board expects to “exceed the 2024 earnings target of 5 billion euros.”
Source: Stern
