Storm damage costs insurers a lot of money. This also reduces profits.
Hurricanes and other disasters cost the world’s largest reinsurer Munich Re more than twice as much in the third quarter than a year earlier. The major losses in reinsurance totaled 1.6 billion euros, as the DAX group announced in Munich. Hurricane Helene was the most expensive in the USA, costing half a billion euros. The board expects further high damage from Hurricane Milton in the fourth quarter, but has not yet given a figure. Despite everything, CFO Christoph Jurecka sees Munich Re on track for a profit of more than five billion euros for the year as a whole.
In the third quarter, Munich Re earned a total of 930 million euros due to the high damage, a fifth less than a year earlier, as it had already announced in October based on preliminary key data.
Source: Stern
