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Pandemic has cost Munich Re 700m euros, but Q2 profits strong

July 22, 2020


Abstract : ​The global coronavirus pandemic has generated losses of 700 million euros (800 million dollars) in the second quarter of the year, German reinsurer Munich Re reported on Monday.

The logo of Munich Reinsurance Company (Munich Re) can be seen in the reinsurer's lobby. (picture alliance/dpa)

The global coronavirus pandemic has generated losses of 700 million euros (800 million dollars) in the second quarter of the year, German reinsurer Munich Re reported on Monday.

The company, one of the world's largest reinsurers, said the losses related mainly to major events that were cancelled as a result of the pandemic and which had been insured against that eventuality.

Munich Re nevertheless reported profits for the quarter of 600 million euros, considerably higher than analysts' expectations.

It attributed this to the absence of other major claims and to strong profits at its Dusseldorf-based ERGO Group of insurance companies.

Munich Re predicted that uncertainty over the financial effects of the pandemic would hang over to the start of 2021 and said it was suspending the share buyback programme of up to 1 billion euros that it announced in February.

The decision is to be revisited at the start of next year.

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Keyword: German reinsurer Munich Re

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