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Munich Re expects Q3 loss of 1.4 bln eur after hurricanes
October 26, 2017 / 5:36 AM / a month ago

Munich Re expects Q3 loss of 1.4 bln eur after hurricanes

BERLIN, Oct 26 (Reuters) - Major reinsurance group Munich Re said it was expecting a third-quarter loss of 1.4 billion euros ($1.7 billion) due to losses incurred from hurricanes Harvey, Irma and Maria.

The company said it expected losses of 2.7 billion euros from the hurricanes, although it said this estimate was fraught with considerable uncertainty.

It also said it would now make a “small profit” for 2017. It had previously expected net profit of 2 billion to 2.4 billion euros, but cast doubt on that target in September after hurricanes Harvey and Irma.

$1 = 0.8451 euros Reporting by Victoria Bryan; Editing by Maria Sheahan

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