Munich Re posted third-quarter profit that missed analyst estimates as low interest rates eroded returns from its fixed-income investments.

Munich Re posted third-quarter profit that missed analyst estimates as low interest rates eroded returns from its fixed-income investments.

Allianz SE named board member Oliver Baete to succeed Michael Diekmann as chief executive officer as Europes biggest insurer grapples with upheaval at Pacific Investment Management Co.

A novelty at this years Oktoberfest in Munich is an online casualty insurance with $63,500 in accident cover.

The worst reinsurance market in memory looks set to carry into 2015, industry executives said.

Insurers in Europe, which manage about $11.2 trillion of client money, say their role as long-term investors may be hurt by new regulation.

Munich Re, the worlds biggest reinsurer, reported second-quarter profit that missed analyst estimates, hurt by claims linked to a snowstorm in Japan. The shares dropped the most in three months.

Hannover Re said second-quarter profit rose 10%, helped by a lower level of large claims and higher life reinsurance earnings.