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Principale » Munich makes first warning by reinsurer on Harvey, Irma impact

Munich makes first warning by reinsurer on Harvey, Irma impact

14 Septembre 2017

"After Hurricane Harvey caused significant damage in Texas and adjacent states at the end of August, there has now been another devastating storm in the form of Hurricane Irma".

"These two events are expected to result in high insured losses, which the market and Munich Re are unable to quantify at the moment", it said in a statement late on Wednesday.

Irma, one of the most powerful Atlantic Ocean storms on record, ravaged several islands in the northern Caribbean, killing at least 60 people, before barreling into Florida's Gulf Coast on Sunday, causing further destruction.

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Global reinsurance firm Munich Re said yesterday that it anticipates falling to a loss in the third-quarter due to its losses from hurricanes Harvey and Irma, which suggests a loss to the company somewhere in the region of Euro 500 million to Euro 1 billion.

Munich Re said it will likely report a loss for the third quarter. For the full year, it previously guided for an aftertax profit, including minorities, of between EUR2.0 billion and EUR2.4 billion ($2.4 billion to $2.86 billion).

Analysts at Jefferies said Munich Re had an advantage over peers such as Swiss Re, given it had one of the largest budgets in the industry to cover natural catastrophes, at 1.4 billion euros for the full year.

Munich makes first warning by reinsurer on Harvey, Irma impact