Munich Re’s profits down for 2010

Munich Re’s consolidated profits are falling by 5.1% at 2.43 billion EUR (3.22 billion USD) for 2010. This is due to natural catastrophes whose costs have multiplied by 7.8, rising from 200 million EUR (286 million USD) in 2009 to 1.56 billion EUR (2 billion USD) in 2010. The reinsurer’s combined ratio, for non-life business, rose from 95.3% at December 31, 2009 to 100.5% at December 31, 2010.
In 2010, natural catastrophes accounted for 11 percentage points in this ratio compared to 1.4 in the previous year. The gross premium volume has risen by 10% at 45.5 billion EUR (60.3 billion USD).