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Munich Re in warning over disaster costs

first_img Show Comments ▼ whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap Share Tags: NULL HEAVY damage claims from an earthquake, floods and a storm this year will put Munich Re’s full-year profit goal at risk if claims do not subside in coming quarters.The world’s biggest reinsurer said yesterday it hoped to keep net profits steady at around €2.4bn (£2.05bn) in 2011, but floods and a storm in Australia, along with a devastating earthquake in New Zealand in the first quarter, posed a major threat.The losses have already exhausted the €1bn budget pencilled in for natural catastrophe losses this year, chief executive Nikolaus von Bomhard said yesterday.“The company will carry on but it does make reaching the profit target more difficult,” he said.However, investment results, smaller claims and the expectation that insurance unit Ergo would earn as much as €550m (£473.1m) this year, after earning €55m in 2010, would also be important factors in the group’s full-year result.“It is not the moment to give up the profit target,” von Bomhard said.Munich said reaching the profit goal depended on natural catastrophe damage claims being lower than average in the remainder of the year.Reinsurers typically face their heaviest claims in the second half, when hurricanes in the Atlantic reach their peak.Chief financial officer Joerg Schneider said it was too early to say whether the Australia and New Zealand damage claims would cause an overall loss in the first quarter. Munich Re shares closed down 1.39 per cent at €116.75. KCS-content center_img Munich Re in warning over disaster costs Thursday 10 March 2011 7:12 pm whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldlast_img read more