German reinsurance giant Munich Re said Wednesday it had done so posted a drop in first-quarter Profits after taking a hit Of the allegations related to the devastating earthquakes that hit Türkiye in early February.
The group that covers insurance companies against risks, he said net Profit decreased by 14% year-over-year in January-March to 1.27 billion euros ($1.4 billion), compared with 1.48 billion euros a year previously.
Claims for The heavy losses were from natural disasters.”higher than expected” over The quarter totals 870 million euros, said Christoph Jureka, chief financial officer of Munich Re.
company already He said last the month you won in the quarter It will be “about 1.3 billion euros”.
Prior to this release, analysts had predicted a profit of just over 1 billion euros, according to a consensus forecast published by Munich Re.
the powerful earthquakes on February 6, which tore apart the southeastern region of Türkiye also severely hit Syria, killed over 50,000 people and hundreds flattened of thousands of Infrastructure was severely damaged.
catastrophe one of The most disastrous we’ve seen in Recently history, which cost Munich Re 600 million euros alone, said Jureka.
Revenue from insurance contracts climbed over 7% to 14.2 billion euros year-over-yearstrengthen it higher prices and new Business in Asia and Latin America.
the group She said she was confident that she would continue to achieve her goal of published a full-year net he won of 4 billion euros in 2023.
She cautioned, however, that her expectations were met faced “a great deal of uncertainty” because of the war in ukraine, market volatility and “fragile macroeconomic developments”.