German reinsurance giant Munich Re was hit by large natural catastrophe losses during the third quarter of 2018, although claims are likely to remain within the company’s budget, according to sources at Reuters.
The company also saw some losses related to claims from the Genoa bridge collapse in Italy, although these were relatively small, a person with knowledge on the matter told Reuters.
Swiss Re also announced Q3 catastrophe losses of $1.4 billion yesterday, $300 million of which was related to claims from the Genoa bridge collapse.
The reinsurer said that, while Q3 losses were large for an individual quarter, overall losses for 2018 have been broadly in line with expectations so far.
Swiss Re’s losses were towards the upper end of the range reported so far, along with AIG who today announced Q3 catastrophe losses of between $1.5 billion and $1.7 billion.
At the lower end, RenaissanceRe posted losses of $155 million, Cincinnati Financial of $120 million, and Allstate of $177 million, while Everest Re said that its $240 million losses were actually below its expectations for the quarter.
Analysts at J.P Morgan recently raised Munich Re’s fiscal year net profit forecast from €2.561 billion to €2.725 billion ($2.953 billion to $3.142 billion) following above-expected net profits in H1 2018.
Reuters said that a spokesman from Munich Re had declined to comment on its announcement.
