Munich Re sees 77% drop in Q3 profit amid pandemic

Credit: REUTERS/MICHAELA REHLE

Munich Re said on Tuesday it anticipated a sharp drop in third-quarter profit amid claims related to the coronavirus outbreak and other disasters.

Profit seen at around 200 million euros

Claims from U.S. fires and hurricanes, Beirut explosion

Updates with details

FRANKFURT, Oct 20 (Reuters) - Munich Re MUVGn.DE said on Tuesday it anticipated a sharp drop in third-quarter profit amid claims related to the coronavirus outbreak and other disasters.

The German reinsurer said it expected profit of about 200 million euros ($236 million) in the period, down from 865 million euros a year ago, representing a 77% drop.

In an announcement ahead of the official publication of its quarterly earnings next month, the company said it registered around 800 million euros in losses related to the virus.

It also said it was facing claims from hurricanes and wildfires in the United States, as well as losses stemming from the explosion in Beruit's port.

($1 = 0.8462 euros)

(Reporting by Tom Sims Editing by Ludwig Burger and David Evans)

((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))

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