Home / International / High cat loss 'burden' fails to dent Munich Re earnings
25 October 2021
Munich Re says natural catastrophe losses “burdened” its third quarter results but maintains the business is on track to achieve its €2.8 billion ($4.3 billion) profit target for the year.
Preliminary figures show the reinsurer made a profit of about €400 million ($618 million) in the July-September period, the reinsurer said last week, ahead of the release of its third quarter results next month.
The third quarter preliminary results mean Munich Re has achieved a profit of €2.1 billion ($3.2 billion) in the nine months to September.
Windstorm Bern, which led to flooding and flash floods in Germany and neighbouring countries, cost its property and casualty business around €600 million ($928 million), while Hurricane Ida in the US produced losses of €1.2 billion ($1.9 billion)
The property and casualty reinsurance did not suffer any “noteworthy” COVID-19 losses in the third quarter, the reinsurer said.
Munich Re’s profit last year fell 55.3% to €1.2 billion as the pandemic fallout impacted earnings.