Insight and Intelligence on the Global Facultative Markets

19 May 2012

Munich Re profit warning after major Q1 losses of EUR761mn

14 May 2010

Major catastrophe losses in the first quarter cost facultative giant Munich Re EUR761mn, prompting a warning that full-year profit targets are looking "increasingly ambitious".

The total loss - including an 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 combined ratio.

And the loss pattern has continued in the second quarter, with the sinking of the Deepwater Horizon oil platform in the Gulf...

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