The corona pandemic brought Munich Re a slump in profits. In the first nine months, the reinsurer earned around one billion euros on balance, which was 60 percent less than in the same period of the previous year. He had to post Covid damage amounting to 2.3 billion euros, mainly due to failed events. Unlike its competitor Hannover Re, the reinsurer does not want to name a new profit target for 2020; the old one of 2.8 billion euros was cashed in at the end of March. Munich Re also expects further losses in the fourth quarter. Although the reinsurer has excluded pandemic risks in new contracts, many policies will run until the end of the year and beyond. It will take time for Munich Re to dismantle that, said CFO Christoph Jurecka. Nevertheless, he welcomed the measures taken by the federal government to contain the pandemic. “As hard as it is, it is also important that we take decisive action against the virus,” he said.
–
– .
