Nat Cat dominates in Q3: Munich Re

Munich Re has posted a high loss for the third quarter, but is expecting a significant market recovery. The Group is also counting on profitable growth in new business areas, and is pressing ahead with corresponding initiatives.

Jörg Schneider, chief financial officer of Munich Re, explained: “The major losses from natural catastrophes in the third quarter have had a substantial impact on our result. Despite business being otherwise good, this means that we can only post a small profit in 2017. But our capitalisation is strong, and we are able to take full advantage of opportunities arising from the likely market recovery. We expect prices to rise again in the forthcoming negotiations – particularly in the markets that have been hardest hit by recent natural catastrophes. But, regardless of this, we are continuing to press ahead with our initiatives for profitable growth – especially in connection with digitalisation.”

Munich Re is improving its existing range of products and services with digital solutions, and is also developing new digital business models. With “nexible”, including the launch of a purely online insurer.