Flooding Germany .Flooded road passing through the railway. A road under water. Germany 2021 Flooding in Germany, July 2021. Credit: Shutterstock/bear_productions
Munich Re expects to deliver profit of about €400m in the third quarter, despite nat cat costs of roughly €1.8bn during the period.
The reinsurer said the “high losses” include about €600m from storm Bernd, which led to flooding in Germany and other parts of Europe. This loss fell on its P&C reinsurance business as well as primary insurer ERGO in Germany.
Munich Re also suffered about €1.2bn in reinsurance losses from Hurricane Ida during the third quarter.
But despite these claims, the reinsurer is set to make a profit of €400m in the period and still expects to hit its €2.8bn profit guidance for the full year.
It is set to post about €2.1bn of profit for the first nine months.
Munich Re said its forecast takes into account higher Covid-19-related losses for life and health reinsurance than expected at the time of its Q2 results.
The firm will announce its full third-quarter results on 9 November.