Global reinsurance firm Munich Re has pre-announced an expectation of another significant claims burden from the COVID-19 pandemic, as well as an above-average level of natural and man-made catastrophe losses for the third-quarter of 2020.Munich Re said today it expects to report roughly €800 million in claims from the COVID-19 pandemic from the third-quarter, largely in its reinsurance book and on the property and casualty side.The reinsurance firm said that its latest COVID-19 losses are attributable to a range of business lines, including insurance for major events, other property-casualty lines, and the life and health business.The reveal of these additional COVID-19 losses takes Munich Re’s total reserves set for the pandemic to around $2.72 billion so far, .

On top of this, Munich Re reported “high losses from natural disasters”, as impacts from hurricanes and wildfires, as well as man-made losses, the largest of which was the explosion in the port of Beirut, Lebanon.Munich Re cites “an above-average claims burden from “non-COVID-19 major losses” for a single quarter,” but did not put a figure on the claims from these catastrophe events.As a result, Munich Re said that it still expects, thanks to good performance at ERGO, a profit of about €200 million for the third quarter of 2020, down on the prior year periods €865m.———————————————————————.

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