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Munich Re expects low triple-digit million losses for hurricanes & Beirut explosion


Global reinsurance firm Munich Re said today that it expects a low triple-digit million Euro loss for both recent Atlantic hurricane season impacts and the Beirut port explosion.

Munich Re signSpeaking at a virtual media briefing in place of the Monte Carlo Rendez-Vous event the company would have held, Torsten Jeworrek, CEO of Reinsurance for Munich Re, said that neither loss was going to be troubling for the reinsurer.

On hurricane Laura, Munich Re expects a low triple-digit-million Euro loss related to damages from recent hurricanes that struck the United States.

With the 2020 Atlantic hurricane season off to a particularly active start, Munich Re still said that combined losses from hurricanes Hanna, Isaias and Laura in July and August 2020, would not be particularly significant for it, based on this initial, still uncertain estimation.

In addition, Munich Re gave an early estimate for its losses from the Beirut, Lebanon port explosion that took place on August 4th.

Here again, Munich Re said that it expects a low-triple digit million Euro impact from claims related to the explosion, largely from the property reinsurance line of business.

Munich Re also explained today that its losses from the COVID-19 pandemic have developed more slowly in the third-quarter so far, than they did earlier this year.

Finally, the reinsurance company also said that so far losses from the California wildfires are not seen as material for Munich Re at this time.

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