(Reuters) – The German reinsurance group München Re will no longer insure itself against events that have been suspended due to pandemics, a board member said on Tuesday. of the coronavirus crisis.
Torsten Jeworrek, who oversees the reinsurance segment, said that Munich Re would remain in the industry but that the adjustment in its strategy was a result of the pandemic. The reinsurer will also adjust rates for event cancellations, he said.
The cancellation and postponement of sporting events such as the Tokyo Olympics, as well as concerts, has been a major burden for Munich Re, which expects a total of € 4 billion ($ 4.85 billion) in COVID-related losses.
The information came when it announced new financial targets.
Munich Re aims to increase the return on equity by 1
The company also said that it aimed for an annual profit increase per share of at least 5% on average until 2025. It said it would continue to move from coal, oil and natural
The reinsurer has said it expects to return to an annual profit level of 2.8 billion euros by 2021.  A series of hurricanes and fires in North America have come on top of the pandemic-related losses.
More news about insurance and risk management about the coronavirus crisis here. Catalog