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Munich Re sees $2.1B Japan disaster payout

Munich Re sees $2.1B Japan disaster payout

Reinsurer Munich Re AG is estimating that it will have to pay out some (EURO)1.5 billion ($2.1 billion) for claims resulting from Japan's earthquake and tsunami and has dropped its 2011 earnings target.
Munich Re said Tuesday that its estimate was based solely on models because it will be "many weeks" before the losses can be assessed and claims notifications arrive from primary insurers in Japan.
But it says its profit target of around (EURO)2.4 billion for this year, issued in February, "can no longer be maintained."
The company notes that the first quarter already has seen high losses from New Zealand's earthquake and flooding in Australia.
It says projected losses from major natural disasters for the period amount to more than (EURO)2.5 billion, "far exceeding the volume to be expected."


Updated : 2021-05-08 21:46 GMT+08:00