Germany’s Munich Re, the world’s biggest reinsurer, said on Wednesday it was confident of a strong 2010 despite claims from the Chilean earthquake and recent storms in Europe.
“We are again aiming for a consolidated result of over two billion euros (2.7 billion dollars)” in 2010, chief executive Nikolaus von Bomhard said in a statement. The group estimated total insurance claims from the 8.8-magnitude quake that hit Chile on February 27, killing close to 500 people, at four to seven billion dollars, with claims against Munich Re around 500 million euros.
The insured market loss from Winter Storm Xynthia that slammed Europe last week, killing more than 50 people, mostly in France, should total between 1.5-2.5 billion euros, it said, costing Munich Re around 100 million euros.
It made no mention of January 12’s earthquake in Haiti, which cost 220,000 lives. As the poorest country in the Americas, levels of insurance are much lower than in countries like Chile or in Europe. In 2009 Munich Re increased net profits to 2.6 billion euros from 1.6 billion euros in 2008, allowing it to raise its dividend to 5.75 euros per share from 5.50 euros per share.
Berlin, March 10, 2010 (AFP)
