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Munich makes first warning by reinsurer on Harvey, Irma impact


BERLIN/FRANKFURT (Reuters) - Germany's Munich Re warned it could miss its profit target this year, the first major reinsurer to flag a hit to earnings from damage caused by hurricanes Harvey and Irma."These two events are expected to result in high insured losses, which the market and Munich Re are unable to quantify at the moment," it said in a statement on Wednesday.Analysts at Jefferies said they expected this to be the first of a series of such statements as insurers count the costs of the destructive storms.Irma, one of the most powerful Atlantic Ocean storms on record, ravaged several ...

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First Published: Thu, September 14 2017. 14:26 IST