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Munich Re cuts hurricane costs.
(From Lloyds List)
Byline: Annika Pattberg and Herbert Fromme in Cologne
MUNICH Re expects a loss burden of around € 500m ($602m) before tax from the unusually close succession of windstorms in the Atlantic and in the Pacific, according to board member Stefan Heyd.
Initially Munich Re had expected a higher burden, he added, 'but Charley and Frances turned out lower than expected, so the high loss from Ivan and the loss from Jeanne will not change the overall picture'.
Munich Re reduced its net loss estimate for hurricane Charley to € 75m. For Frances and Ivan it anticipates totals of €65m and €215m respectively. Jeanne will probably see losses between €80m and €100m.
The reinsurer anticipates costs of about €40m from the Pacific typhoon Songda while typhoons Chaba and ...
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