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22 May 2012

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Munich Re faces $1.5bn first-quarter cat bill

10 March 2011

Munich Re expects an A$1bn ($1bn) loss from February's New Zealand quake and a A$485mn combined impact from the Brisbane flooding and Cyclone Yasi.

The reinsurer confirmed that its 2010 net income was down 5.2 percent to EUR2.43bn, in line with its trading statement at the beginning of February.

Munich Re warned that it could struggle to meet its 2011 profit guidance of EUR2.4bn after the Q1 cats.

"In view of this major loss burden in the first two months...

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