Munich Re posts P&C re combined ratio of 86.5% despite elevated cat losses

17 May 2023

Munich Re has reported a P&C reinsurance combined ratio of 86.5% in Q1, narrowly missing its 86% target, after higher-than-expected nat cat losses, partly due to a EUR600mn ($652mn) loss from the earthquake in Turkey and Syria.

The combined ratio deteriorated by almost 10 points year on year as a result.

Major losses of over EUR30mn each totalled EUR1,035mn, a jump of 67% compared to EUR618mn in Q1 2022.

Natural

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