Munich RE warns about the rising cost of climate change
Natural disasters linked to climate change could cost the insurance industry billions of dollars in extra settlement payments every year, German insurance giant Munich RE. The company’s statistics show that “globally, the average number of major weather-related catastrophes such as windstorms, floods or droughts is now three times as high as at the beginning of the 1980’s.” “Losses have risen even more, with average increases of 11 percent per year since 1980,” it said. The firm said that although it was unclear... Lire la suite
Munich Re increases profit to €2.56bn in 2009 and raises dividend to €5.75
On the basis of preliminary calculations, Munich Re increased its consolidated profit significantly to €2.56bn in 2009 (previous year: €1.58bn). The profit for the fourth quarter totalled €0.78bn (0.11bn). Shareholders are again set to benefit substantially from the Group’s performance: subject to approval by the Supervisory Board and the Annual General Meeting, the dividend will rise by 4.5% to €5.75 (5.50) per share. Munich RE CFO Jörg Schneider said: “This is another good result that demonstrates Munich Re’s earnings strength.... Lire la suite
Munich Re says 2009 profit up 62 percent
The world’s biggest reinsurer, Munich Re, said Tuesday that net profit soared 62 percent last year but added that it would probably not do as well in 2010. “I would be very surprised if we can repeat such gains this year,” finance director Joerg Schneider told a telephone news conference, owing to increased competition and falling global demand for reinsurance coverage. He forecast a net profit of some two billion euros (2.78 billion dollars) for the group’s current year but also cautioned that that was “far from sure,” following... Lire la suite
Warren Buffett raises stake in Munich Re
US investor Warren Buffett has raised his holding in Munich Re, the world’s leading re-insurance company, a statement to financial markets said on Thursday. Buffett now owns directly or indirectly more than five percent of the voting rights in Munich Re, after taking options on 1.945 percent of its capital in addition to a previous stake of 3.08 percent owned by his investment fund Berkshire Hathaway. Shares in the re-insurance group gained 0.23 percent to 110.10 euros in midday trading at Frankfurt’s DAX 30 stock index, which was also... Lire la suite
Admiral signs reinsurance agreements with Munich Re and Hannover Re for its US car insurance operations
Admiral Group PLC said Monday it has signed new reinsurance contracts with Munich Re and Hannover Re for its new car insurance operation in the U.S., Elephant Insurance. Admiral has extended its long-term coinsurance and reinsurance arrangements with Munich Re for its U.K., Spanish and Italian businesses, while the existing agreement for the German business remains in place. Munich Re and Hannover Re have both entered into quota share reinsurance contracts with Elephant from Jan. 1 and each will take one third of the U.S. risks and Admiral will... Lire la suite
