Althoff added that it is "impossible for me to comment right now" the amplitude of the event on Hannover's, but the reinsurer expects it to be labeled as a major loss, meaning that it will exceed EUR 10 million. "We have to assume there is a good level of penetration here, so from that point of view, I guess you will see this on our major loss list on the third quarter," Althoff further commented.
Hannover Re Group ended the first half of 2020 with a net income of EUR 402 million, 39.3% lower than the same period of 2019. In the second quarter of 2020, Hannover Re set aside reserves for estimated losses associated with Covid-19 in an amount of EUR 380 million and hence reserved altogether EUR 600 million related to property and casualty reinsurance in the first six months.
On 4 August 2020, in capital city of Lebanon, Beirut, a warehouse filled with flammable chemicals caught fire, causing a devastating explosion, which killed at least 137 people, injured about 5,000 and made as many as 300,000 people temporarily homeless, BBC reports.