Munich Re recorded a 77 percent decline in its net profit during Q3 2020. The latter dropped from 865 million EUR ($1.012 billion) in Q3 2019 to €200 million ($234,1 million) a year later.
The health crisis alone has cost the German reinsurer €800 million ($936.4 million) during the period under consideration. This amount is mainly related to death coverage due to Covid-19 and event cancellation or postponement.
The Group has also suffered losses pertaining to natural disasters, particularly hurricanes and serious forest fires in the United States. Munich Re estimates the damages it incurred in the devastating explosion of Beirut on 4 August 2020 at €100 million EUR ($118 million).
The detailed results for Q3 2020 will be published on 5 November 2020.