The German reinsurer bounces back following heavy losses earlier in the year
Following high claims costs for natural catastrophes at the beginning of 2011 Munich Re returned to the profit in the second quarter with a result of €738m. However the company posted a consolidated loss of €210m for the year so far.
“It was an exceptional accumulation of major losses, but that is precisely what reinsurance is for. After all, a well-developed and functioning insurance and reinsurance system helps to overcome disasters of this scale,” said Nikolaus von Bomhard, chairman of the board at Munich RE.
“Despite the exceptionally heavy claims burdens, we aim to achieve a positive result for the year,” added Von bomhard.
Click here for a video presentation of Munich RE’s half year press conference that took place on August 4.
See the table for more information on Q1’s results.
