"The scale of Hurricane Ian's losses, particularly in Florida, will likely mean insured losses will drift higher as inflation and litigation add to the toll,' Bloomberg Intelligence analysts wrote in a note. "Hurricane Ian could turn out to be a record breaking storm." (Credit: Eva Marie Uzcategui/Bloomberg)
(Bloomberg) — Munich Re said it will probably take a hit of about 1.6 billion euros ($1.57 billion) after Hurricane Ian led to massive damages in Florida, and warned reaching its full-year profit goal has become "significantly more challenging."
The estimate of losses from the storm is "subject to substantial uncertainty," the company said in a statement Friday. Shares of the reinsurer rose after saying it expects to post a higher-than-expected profit of about 500 million euros for the third quarter, helped by a one-off effect at its Ergo life unit.
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