In its latest financial results announcement, German reinsurance giant Munich Re said it has “[posted a] net result of €1.1 billion in Q1 despite high major-loss expenditure”. This compared to €2.1 billion in the same period last year.
In its press release, it said its combined ratios were above target values for property-casualty reinsurance – at 83.9% – and for Global Specialty Insurance, they sat at 95.5%, “due to LA wildfires”.
“Although Munich Re did not emerge unscathed from the devastating wildfires in Los Angeles in January 2025, we nevertheless managed to generate a quarterly profit of €1.1 billion,” said Christoph Jurecka, Chief Financial Officer at Munich Re.
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