(Bloomberg) -- Munich Re, the world’s largest reinsurer, said storms led by Hurricanes Harvey and Irma will probably wipe out third-quarter profit and threaten the company’s ability to meet its full-year earnings target.
|High insured losses
“These two events are expected to result in high insured losses, which the market and Munich Re are unable to quantify at the moment,” the company said Wednesday in a statement.
The storms in North America add to challenges for new Chief Executive Officer Joachim Wenning who is seeking to counter years of falling profit as the company was pressured by low interest rates and competition from Wall Street firms in taking on weather-related risks. The company had previously given guidance of 2017 profit of 2 billion euros ($2.4 billion) to 2.4 billion euros.
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