Munich Re has admitted that it could fall short of its full year...
Munich Re has admitted that it could fall short of its full year profit target of €2bn as a result of the recent hurricane activity.
The reinsurer said that, including Hurricane Jeanne, its losses stood at around €500m from what it described as "an unusually close succession of windstorms in the Atlantic and Pacific".
It said that as a result of the hurricanes, its target for the full year would be "much more difficult to achieve".
But the reinsurer said it was less strongly impacted by the hurricanes than first supposed.
The group said that Hurricane Charley cost it €75m, Hurricane Frances cost it €65m and Hurricane Ivan €215m. It said Hurricane Jeanne would probably cost the reinsurer between €80m and €100m.
Munich Re estimated the total insured loss of the four hurricanes at $20bn to $35bn for the entire industry.
For the upcoming renewal season, Munich Re said it "expects the current level of risk-adequate prices and conditions to remain stable".
