The health crisis caused by COVID-19 has significantly impacted Munich Re. In addition to the usual natural disasters, the reinsurer’s non-life business has recorded a high rate of postponement and cancellation claims in the first quarter of 2020.
With the sudden increase in loss ratio and the persistence of the Coronavirus epidemic, Munich Re [4] is expecting a decrease in its annual results. The 2020 profit which was expected to reach 2.8 billion EUR (3.13 billion USD) is unlikely to be achieved.
For the time being, the group’s solvency margin remains stable and is considerably above the required standards. In light of the current situation, Munich Re is suspending the 2020/2021 share buy-back program.
The group’s annual general assembly is to be held on 29 April 2020.
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