Reinsurers in cheerful mood

In contrast with the somber picture of the markets, the major reinsurers have posted rising profits for the first three quarters of 2012, well above analysts’ forecasts.

Photo credit: Sgt. Mark C. Olsen / U.S. Air ForceFor instance, Swiss Re and Munich Re have reported respective net results of 1.7 billion EUR (2.18 billion USD) and 2.7 billion EUR (3.4 billion USD), with such results being disclosed while hurricane Sandy’s toll has not yet been determined.

According to experts, the cost of the catastrophe is likely to be quite moderate for reinsurers. Only Munich Re has disclosed an estimation of 500 million EUR (643 million USD) for its share.

Hannover Re, the world’s third insurer, posted 671 million EUR (862 million USD) of net profits for the first three quarters of the year, that is a 76% leap in comparison with 2011. Scor established its net profits at 318 million EUR (408 million USD), a 39.5% increase.

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