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Daily Insurance Industry News
Saturday 17th of November 2018
March 10, 2011

Munich Re: 2011 nat cat losses mount early

by Gill Montia

Story link: Munich Re: 2011 nat cat losses mount early

Having recorded profit of €2.43 billion in 2010, Munich Re says it is aiming for a more-or-less unchanged consolidated result of around €2.4 billion for 2011.

However, the re/insurer estimates that claims from the earthquake in New Zealand, the floods in Brisbane and Cyclone Yasi will amount to A$1.5 billion, and warns that the target is only achievable if random losses during the remainder of 2011 are below expectations.

The group’s chairman, Nikolaus von Bomhard, is nonetheless generally optimistic regarding the outlook for this year and beyond, having revealed that 1st January renewals of reinsurance treaties in the property-casualty segment have been “very satisfactory”.

The chairman also sees potential for profitable growth as demand for the transfer of risk to financially strong reinsurers, from firms seeking capital solutions, continues to increase.

Munich Re expects its gross premiums written in primary insurance, reinsurance and Munich Health (total consolidated premium) to be between €46 billion and €48 billion, in 2011.

 

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