Covid-19: Munich Re to incur heavy losses

Munich Re has reported a loss of around 700 million EUR (787.306 million USD) due to the coronavirus pandemic.

Most of the loss was attributable to the postponement or cancellation of important events. The amount to be recorded in Q2 2020 would lead to a decrease in the reinsurer's net profit.

The latter is believed to drop from 992 million EUR (1.127 billion USD) recorded in the second quarter of 2019 to 600 million EUR (674.834 million USD) for the second quarter of 2020.

The final results of the second quarter 2020 shall be published on 6 August 2020.