Munich Re Reports €800M of COVID-19-Related Losses During Q3

Munich Re reports approximately €800 million (US$935 million) in COVID-19-related losses in reinsurance during the third quarter. 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.

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 its European insurer, ERGO — a profit of about €200 million (US$234 million), compared with €865 million (US$1 billion) during the third quarter last year.

Munich Re will publish detailed information on its quarterly figures on Nov. 5, 2020.