Munich Re Q3 profit tumbles by 75% on previous year

Munich Re expects to report a profit of £180m for Q3, down from £780m in the same period last year.

In the third quarter, Munich Re registered COVID-19-related losses totalling about £722m in reinsurance. The losses were attributable to various business lines, such as insurance for major events and other property-casualty lines, and the life and health business.

Losses from severe hurricanes and wildfires in the US, as well as those from the Beirut port explosion, have also generated above-average losses for a single quarter.

Munich Re will publish detailed information on its quarterly figures on 5th November 2020.

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