Munich Re Says It May Miss Profit Target on Irma, Harvey
- Reinsurer says it can’t yet quantify Harvey, Irma losses
- U.S. claims costs add to challenges for new CEO Wenning
Expected Losses From Irma Fall for Insurers
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Munich Re, the world’s largest reinsurer, said Hurricanes Harvey and Irma will probably wipe out third-quarter profit and threaten the company’s ability to meet its full-year earnings target.
“These two events are expected to result in high insured losses, which the market and Munich Re are unable to quantify at the moment,” the Munich-based reinsurer said Wednesday in a statement, adding that it will probably report a third-quarter loss. “Despite good business performance in 2017 to date, the losses from Harvey and Irma could mean that Munich Re might miss its profit guidance.”