BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
Munich Re Ltd. on Friday said its third-quarter expected earnings of about 500 million euros ($492.3 million) will be hurt by “higher than average” losses in property/casualty reinsurance, largely tied to Hurricane Ian.
While the insurer and reinsurer still expects a yearly profit of €3.3 billion for 2022, Ian’s expected €1.6 billion price tag “remains subject to substantial uncertainty,” Munich Re said in a statement, adding “it has become significantly more challenging to meet the 2022 profit target.”
Munich Re plans to provide finalized Q3 results on Nov. 8 as scheduled, the statement said.
A number of other insurers have recently issued third-quarter guidance largely based on insured losses from Hurricane Ian, estimates for which have now reached up to $74 billion.
Axis Capital Holdings Ltd. said late Thursday it expects its third-quarter earnings to be hurt by a pre-tax net loss estimate for catastrophes and other weather-related events of $212 million, $186 million after-tax, including $160 million for Hurricane Ian.
One day earlier, Arch Capital Group Ltd. said its 2022 third-quarter results will take a hit of $530 million to $560 million across its property/casualty insurance and reinsurance segments due to the effects of Hurricane Ian and other catastrophic events.