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Munich Re: annual goal harder to attain

Munich Re: annual goal harder to attain

Munich Re stated it expects web revenue of 500 million euros (493 million francs) within the third quarter, which incorporates about 1.6 billion euros in losses after the passage of Hurricane Ian.

German reinsurance big Munich Re stated on Friday it expects web revenue of 500 million euros (493 million francs) within the third quarter, which incorporates about 1.6 billion euros in losses after the passage of Hurricane Ian.

The estimate of the prices of this hurricane, which fell on Cuba and the southeastern United States on the finish of September, remains to be topic to “robust uncertainties”, underlines the group in a press launch.

The web revenue introduced in a preliminary manner, nonetheless, thwarts the consensus of analysts who anticipated a lack of 167 million euros.

Its competitor Swiss Re estimated on Tuesday round $50 billion to $65 billion in insured injury from Hurricane Ian and warned that it might endure a lack of half a billion {dollars} between July and September.

Munich Re for its half confirmed that it was aiming for a web results of 3.3 billion euros in 2022, however added that “this goal will now be far more tough to attain”.

Its realization will rely upon “distinctive results” anticipated particularly “within the discipline of capital investments”.

This forecast can be based mostly on an quantity of losses associated to main disasters of the order of 1 billion euros for the present fourth quarter alone.

Munich Re confronted additional setbacks this 12 months because of the Russian invasion battle in Ukraine.

This led it to depreciate bonds held within the two international locations within the first quarter, for a gross cost of 700 million euros and 370 million by way of web revenue.

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