Audrey Deschenes
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Munich Re warns of €1.4 bln loss due to hurricanes

Germany's Munich Re AG (MUV2.XE) said Thursday that it expected a loss in the third quarter due to costs related to recent natural disasters but that it still expects to post a small profit for the full year.

The reinsurance company expects a loss of 1.4 billion euros ($1.65 billion) in the quarter, it said.

In September, Munich Re said the severe losses it expected as a result of recent hurricanes were likely to result in a third-quarter loss, and threatened its after-tax profit target for 2017, which it had originally pegged at between EUR2 billion to EUR2.4 billion.

Munich Re currently estimates its overall major-loss expenditure for natural disasters, including three significant hurricanes and earthquakes in Mexico, at EUR3.2 billion.

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