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windstorm coverage posts

Munich Re Profit Surges by More Than 60%

Posted Mar 11th 2010 3:20PM by Tom Johansmeyer (RSS feed)
Filed under: Earnings Reports, Good news

When 2008 ended on a sour note, the reinsurance industry looked to 2009 with trepidation. Since the financial crisis struck late in the third quarter of 2008, it was clear at the time that the effects would spill over into the following year, though signs of stability in the reinsurance market left reason for hope. Now, we're looking back on the year that was, for 2009, rather than the one to come, and Munich Re (0KFE) is putting it in the "win" column. The reinsurer logged a bottom-line result of €2.56 billion, up profoundly from €1.58 billion the year before. Munich Re has already announced that it's raising its dividend to €5.75 per share.

According to Nikolaus von Bomhard, Chairman of the Board of Management of Munich Re, "We have brought the financial year 2009 to a successful close: with a profit of over €2.5 billion, we were even able to surpass expectations and achieve our long-term return target despite the difficult environment."

Continue reading Munich Re Profit Surges by More Than 60%

2010 Catastrophe Losses Already Half Last Year's Total

Posted Mar 8th 2010 2:30PM by Tom Johansmeyer (RSS feed)
Filed under: Bad News, Economic Data

February was an expensive month for the insurance industry, with a multibillion dollar price tag. It's easy to focus on the magnitude 8.8 earthquake in Chile, but there were other disasters, too. The Haiti earthquake added to the economic and insured losses and others that may not have claimed many headlines but did tick the cost to insurers and reinsurers higher. A new report by Aon Benfield (AON) runs through the damage caused in February, showing that the shortest month still found a way to be expensive.

The quake in Chile is estimated to have caused $2 billion to $8 billion in insured losses, to which you need to add $2.1 billion for Windstorm Xynthia, not to mention many eight-figure insured losses that will chip away at the industry's coffers. Haiti wasn't all that pricey, Aon says, because "insurance penetration is far greater than in Haiti."

Continue reading 2010 Catastrophe Losses Already Half Last Year's Total