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Munich Re may miss profit guidance for 2017

Hurricane losses threatening Munich Re profit guidance for 2017

9:12 AM CEST 09/13/2017

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    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. It caused extensive damage on islands in the Caribbean, and also in Florida. These two events are expected to result in high insured losses, which the market and Munich Re are unable to quantify at the moment. Despite good business performance in 2017 to date, the losses from Harvey and Irma could mean that Munich Re might miss its profit guidance of €2.0–2.4bn for the year – depending on how the business performs until the end of 2017. The figures for the third quarter of 2017 will probably show a loss. Munich Re’s business and risk strategy ensures that even after such severe natural catastrophes the Group has a sufficiently solid capital base to still be able to offer full reinsurance capacity to its clients.
    Munich, 13. September 2017

    Münchener Rückversicherungs-Gesellschaft
    Aktiengesellschaft in München
    Königinstraße 107
    80802 München
    Germany
    Disclaimer
    This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.