Beirut Explosion: Tremendous loss for Munich Re

Munich Re, the world's second largest reinsurer, estimates that the Beirut explosion (4 August 2020), will cost 100 million EUR (118 million USD). The losses are mainly related to material damages. The German reinsurer was already expecting a major loss.

For Swiss Re, the evaluation of the damages could take several months. According to an initial World Bank estimate, the economic losses would range from 5.6 to 6.8 billion EUR (6.7 and 8.1 billion USD).

The huge explosion claimed the lives of 191 people and affected 351 000 inhabitants. It also destroyed the port of Beirut and severely damaged the historical centre of the Lebanese capital.