Munich Re Faces Hurricane Losses But Maintains Profit Target

Despite significant hurricane-related losses, Munich Re is confident in achieving its 2024 profit goal.

Munich Re's third-quarter net profit was 900 million euros, falling half a billion short of analyst expectations due to hurricane damages.
Hurricane Helene, the most costly event of the quarter, incurred approximately 500 million euros in losses for the company.
Despite the impact of Hurricane Milton in Florida, Munich Re expects to surpass its five-billion-euro net profit target for 2024.
The company has already achieved a net profit of 4.7 billion euros over the first nine months of the year.
Munich Re's leadership remains optimistic about meeting its financial goals despite the challenging storm season.