October 21, 2020, 8:43 am
High losses from the corona pandemic and natural disasters caused reinsurer Munich Re to suffer a slump in profits this summer as well. In the third quarter, according to preliminary calculations, the surplus was around 200 million euros, as the group announced. That would be around 77 percent less than in the previous year.
Munich Re CEO Joachim Wenning
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In the reinsurance line of business, the corona-related losses at Munich Re in the third quarter totaled around EUR 800 million, after the group had already posted charges of EUR 1.5 billion in the first half of the year. The insurance of major events, other areas of property and casualty business as well as life and health insurance were again affected.
According to Munich Re, natural disasters and man-made major losses apart from the pandemic were also higher than normally expected for a quarter. The group cited violent cyclones and forest fires in the USA as well as the severe explosion in the port of Beirut as causes.
The primary insurance subsidiary Ergo, on the other hand, did well again, it said. Munich Re plans to publish its entire quarterly figures on November 5th as planned. (dpa-AFX)
Foto: Picture Alliance
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