Munich Re in FY profit warning as Q1 cats hit home
Munich Re's burden from major catastrophe losses in the first quarter totalled EUR761mn, pushing its quarterly combined ratio to 109 percent and forcing a warning that full-year profit targets are now looking "increasingly ambitious".
The total loss - including a EUR500mn hit from the earthquake in Chile - was "far higher than the projected amount and the multi-year average", accounting for 20.8 percentage points on the (re)insurance giant's combined ratio.
April also saw further major losses. After the sinking of...
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