Munich Re Ups Dividend, Comments on Impact of 2011 Disasters
Munich Re’s annual general meeting (AGM) produced some good news for the shareholders of the world’s largest reinsurer. It announced a dividend increase to €6.25 [$9.138] per share for the financial year 2010, up from €5.75 [$8.40] last year, more …
Munich Re in ‘First-time’ Guarantee of Solar Modules in France
Munich Re announced that it has agreed to guarantee the performance of solar modules in France for the first time. The reinsurer will be working with industrial insurance broker Filhet-Allard and solar manufacturer Solairedirect, who have “jointly launched a new …
Insurer Shares Relatively Unaffected by Japan Damage Estimates
Insurer shares largely shrugged off the industry’s first round of damage estimates from this month’s earthquake in Japan, which may prove to be the world’s costliest disaster. Munich Re and Hannover Re, the world’s No.1 and No.3 reinsurers, penciled in …
Munich Re Estimates Japan Quake, Tsunami Claims over $2 Billion
Munich Re announced that it has estimated its claims burden from the earthquake and tsunami in Japan at around €1.5 billion [$2.128 billion], after retrocession and before tax. As a result Munich Re said its “profit target of around €2.4 …
$35 Billion Japan Quake Cost Estimate Weighs on Insurers
Shares in European insurers fell steeply on Monday after analysts estimated over the weekend that the Japanese earthquake could cost the industry nearly $35 billion, making it one of the most expensive disasters ever. The Stoxx 600 European Insurance Share …
Damage Claims Threaten Munich Re’s 2011 Profit Goal
Heavy damage claims from an earthquake, floods and a storm this year will put Munich Re’s full-year profit goal at risk if claims do not subside in the coming quarters. The world’s biggest reinsurer said it hoped to keep net …
Munich Re Marine Head Warns Against Arms Race to Combat Pirates
Installing sharpshooters on oil tankers to fight off pirates as some shippers have suggested risks provoking more aggressive attacks, a senior executive at reinsurer Munich Re warned. Shipping firms are debating adding snipers and other armed teams costing up to …
Munich Re Estimates 2010 Profits at $3.35 Billion
Munich Re announced that its preliminary estimate of its consolidated results for 2010, “despite substantial losses,” is €2.43 billion [$3.35 billion], compared to €2.56 billion [$3.528 billion] in 2009. Profit for the fourth quarter totaled €480 million [$661.5 million], compared …
Insurance Industry Worries about Growing Risks from Climate Change
Insurers are struggling to assess the risks from climate change, industry officials say, with the floods in Australia and Brazil highlighting the potential losses from greater extremes of weather. Scientists say a warmer world will cause more intense drought, floods, …
