Hurricane Ian: heavy cost for Munich Re

Munich Re is expecting a net profit of 500 million EUR (486.564 million USD) in the third quarter of 2022. This provisional result is higher than the analysts' forecasts which were anticipating a net loss of 167 million EUR (162.512 million USD).

The German reinsurer is expecting a net loss after retrocession of 1.6 billion EUR (1.557 billion USD) linked to the damages caused by hurricane Ian, which hit Florida in September 2022.

For the whole 2022 financial year, Munich Re is expecting a net profit of 3.3 billion EUR (3.25 billion USD). However, this target is starting to become more challenging to reach. Its achievement would depend on awaited exceptional effects, especially in the capital investments field.

The group's final results for Q3 2022 will be released on 8 November 2022.