Brought to you by:

Munich Re hit with $1.3 billion COVID losses in Q3

Facebook Twitter LinkedIn Google

Munich Re has booked €800 million ($1.3 billion) in pandemic-related reinsurance losses for the third quarter to September.

The bulk of the losses came from various business lines such as insurance for major events and other property-casualty lines as well as life and health business.

The reinsurer says the Beirut port blast on August 4 triggered the largest man-made losses for the business during the quarter.

Combined with high losses from natural catastrophes and other man-made disasters, the business registered “what was an above-average claims burden” from non-COVID major losses for a single quarter.

Despite the challenges, Munich Re says it expects to report a profit of €200 million ($333.7 million) when it releases its third quarter results on November 5. In the third quarter of last year, the business made a €865 million ($1.4 billion) profit.