MUNICH Re reported Q2 2020 COVID-19 related losses of about EUR 700 million

23 July 2020 — Andrei Victor
Global reinsurer MUNICH Re has announced COVID-19 related losses of roughly EUR 700 million in its reinsurance operations in Q2 2020.

The reinsurer mentioned the largest share of these losses "is attributable to cover for major events, with a lower impact reported in life and health business as well as other lines of property-casualty insurance, including business interruption".

Excluding COVID-19, MUNICH Re nevertheless posted a satisfactory net result of approx. EUR 600 million in the second quarter "due to lower-than-average major losses (excluding COVID-19) and good performance at ERGO".

The German reinsurer mentioned it will provide the final Q2 results on August 6th.

During the first quarter of 2020, MUNICH Re generated a profit of EUR 221 million, 65% lower year-on-year, decrease mostly driven by the pandemic effects on the markets and world-wide businesses. More details here.

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