Munich Re Warns of Hit From Texas Freeze
March 17 2021 - 1:02PM
Dow Jones News
By Pietro Lombardi
Munich Re AG expects claims losses in the "mid triple-digit
million euro range" stemming from the extreme cold snap that hit
Texas last month.
"As there is still a very high degree of uncertainty at this
stage, precise claims forecasts are not yet possible," the German
reinsurance giant said in its annual report on Wednesday.
"In consideration of the great uncertainty, Munich Re currently
expects claims expenditure in the mid triple-digit million euro
range."
For this year, the company is targeting profits of roughly 2.8
billion euros ($3.33 billion) and gross premiums written of EUR55
billion.
Write to Pietro Lombardi at pietro.lombardi@wsj.com;
@pietrolombard10
(END) Dow Jones Newswires
March 17, 2021 12:47 ET (16:47 GMT)
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