Munich Re: Forest fires cost 1.1 billion - profit halved

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Munich Re: Forest fires cost 1.1 billion - profit halved

Munich Re: Forest fires cost 1.1 billion - profit halved
Financial News
Bad news for Munich Re shareholders. The devastating wildfires in and around Los Angeles are costing the world's largest reinsurer billions of euros. This significantly depressed first-quarter profits. But management remains optimistic for the full year despite the impact. As the DAX-listed company announced this Tuesday morning, the total loss from the California fires amounts to approximately €1.1 billion. €800 million of this alone... Read the full article...

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