Munich Re reports preliminary Q3 result of €900m despite high loss expenditure

Munich Re has reported a preliminary Q3 2024 net result of around €900 million, despite the impact of higher-than-average major-loss expenditure from natural catastrophes in property-casualty reinsurance.

Hurricane Helene was the reinsurer’s largest single claims event in the quarter, causing approximately €500 million in losses. Meanwhile, three loss events in Canada together resulted in similar claims expenditure.

“In addition to numerous other natural catastrophes and man-made losses, significant damage occurred in Central and Eastern Europe due to Storm Boris and consequent flooding, as well as in the U.S, and the Caribbean owing to Hurricane Beryl,” the firm added.

Nonetheless, the global reinsurer noted that operational performance “remained pleasing” in Q3 2024 across all lines of business.

Munich Re additionally observed that although claims expenditure attributable to hurricane Milton will likely be significant, it should surpass its full-year profit target of €5 billion on the back of a “very good” net result of €4.7 billion after the first nine months of 2024.

In Q3 of 2023, the firm disclosed a net result of nearly €1.2 billion and €3.6 billion for the first nine months of the year, compared with €1.1 billion and €4.2 billion in the same period of 2022.

As scheduled, Munich Re will provide its finalised Q3 results on the 7th of November, 2024.

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