By Pietro Lombardi
Munich Re expects third-quarter profits to fall sharply due to nearly losses of nearly $1 billion related to Covid-19 and higher-than-usual disaster claims, it said Tuesday.
Over the quarter, the German reinsurance giant registered about 800 million euros ($941.7 million) in losses related to the pandemic, which led to the cancellation of major events and also hit other business lines. Moreover, natural disasters like hurricanes and wildfires in the United States, as well as other disasters like the explosion in Beirut's port, led to higher-than-usual claims.
The company said it expects to report quarterly profits of around EUR200 million, compared with EUR865 million a year earlier.
Munich Re will release its quarterly figures on Nov. 5.
Write to Pietro Lombardi at firstname.lastname@example.org; @pietrolombard10
(END) Dow Jones Newswires
October 20, 2020 10:10 ET (14:10 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.