Munich Re Reports €0.9bn Quarterly Result Amid Major Loss Events

Munich Re announced a preliminary net result of €0.9 billion for Q3 2024, which fell short of the consensus estimate of €1.419 billion. This shortfall was primarily due to significant major-loss expenses from natural catastrophes affecting its property-casualty reinsurance sector.

The leading loss contributor was Hurricane Helene, which inflicted approximately €0.5 billion in damages in the southeastern United States. Additionally, three separate loss events in Canada also incurred substantial claims, alongside numerous other catastrophic events globally. Notably, Storm Boris brought about extensive damages in Central and Eastern Europe.

Despite these losses, Munich Re remains optimistic about exceeding its annual profit objective of €5 billion, bolstered by a strong net result of €4.7 billion over the first nine months of 2024. The final Q3 results will be published on November 7.