Munich Re Ltd. said on Friday that its expected third-quarter earnings of about 500 million euros ($492.3 million) will be hurt by “higher than average” losses in property/casualty reinsurance, largely linked to Hurricane Ian.
While the insurer and reinsurer still expects annual profit of 3.3 billion euros for 2022, Ian’s expected price tag of 1.6 billion euros “remains subject to significant uncertainty,” Munich Re said in a statement, adding “it has become significantly more challenging to meet 2022 profit target.”
Munich Re plans to provide final Q3 results on Nov. 8 as scheduled, the statement said.
A number of other insurers have recently issued guidance for the third quarter, largely based on insured losses from Hurricane Ian, whose estimates have now reached up to $74 billion.
Axis Capital Holdings Ltd. said late Thursday that it expects its third-quarter results to be hurt by a pretax net loss estimate for catastrophes and other weather-related events of $212 million, $186 million after tax, including $160 million for Hurricane Ian.
A day earlier, Arch Capital Group Ltd. said that its third-quarter 2022 earnings will take a $530 million to $560 million hit across its property/casualty insurance and reinsurance segments due to the impact of Hurricane Ian and other catastrophic events.