The company is now expecting a quarterly profit of about €200 million, attributed to “good performance once again at ERGO”. This compares to €865 million profit it generated in Q3 2019, and reflects a 77 percent decline on the prior year quarter. The COVID-19-related losses are attributable to various business lines, such as insurance for major events and other property-casualty lines, and the life and health business.
Reinsurer said that it also registered what was an “above-average claims burden” from non-COVID-19 major losses for a single quarter. These include natural disasters, particularly several severe hurricanes and wildfires in the US, and man-made losses, the largest of which was the explosion in Beirut’s port. In the second quarter of 2020, Munich Re posted €700 million COVID-19-related losses stemming from business interruptions and event cancellations, leading to a 41.7 percent decline in its profits which came at €579 million, compared to €993 million in Q2 2019. Munich Re will publish detailed information on its quarterly figures on November 5 2020. Munich Re, Third quarter 2020, Losses, COVID-19, Profit, Reinsurance, Germany, Europe, Global.