Munich Re, the cost pertaining to natural catastrophes' exposure is on the rise in 2010

The cost of the natural catastrophes to which Munich Re is exposed since the beginning of the year is in clear increase in comparison with the same period of the year 2009. It is the Chilean earthquake of last February 27, 2010 which is the main cause. The Bavarian reinsurer has estimated its share in the disaster, after retrocession, at 1 billion USD while the share of the market is valued at 8 billion USD. The storm Xynthia, which hit Europe at the end of February, will affect Munich Re up to 70 million EUR (86 million USD) while the bad weather of March in Australia will cost it 160 million EUR(198 million USD). The reinsurer is also concerned with the recent floods occurring in Poland and East Germany. The estimates of these two catastrophes are still unknown.