MUNICH Re posts Q3 profit result of about EUR 200 million

26 October 2020 — Andrei Victor
Global reinsurer MUNICH Re announced that during the third quarter of 2020, it registered COVID-19 related losses totaling about EUR 800 million in reinsurance. "The losses were attributable to various business lines, such as insurance for major events and other property-casualty lines, and the life and health business".

More than that, "as a result of high losses from natural disasters - particularly several severe hurricanes and wildfires in the United States - and man-made losses, the largest of which was the explosion in Beirut's port, MUNICH Re also registered what was an above-average claims burden from "non-COVID-19 major losses" for a single quarter".

Subject to the outcome of the ongoing quarterly closing, MUNICH Re anticipates - given the good performance once again at ERGO - a profit of about EUR 200 million (Q3 2019: EUR 865 million) for the third quarter of 2020.

MUNICH Re will publish detailed information on its quarterly figures as scheduled on 5 November 2020.

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