Munich Re Faces Over €100 Billion in Global Catastrophe Damages

Despite significant losses from natural disasters, Munich Re expects to exceed its profit target for the year.

Munich Re predicts global natural disaster damages will surpass €100 billion for 2024, consistent with rising trends in recent years.
The third quarter saw Munich Re incur €1.6 billion in major losses, with Hurricane Helene alone costing €500 million in the USA.
Economically, total global damages from natural disasters are even higher due to low insurance coverage in many regions.
Despite increased costs, Munich Re is on track to achieve a net profit exceeding €5 billion, driven by sustained demand for insurance.
The company anticipates further significant losses in the fourth quarter due to Hurricane Milton, although exact figures are not yet available.