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Damage to recent wildfires in California will cost insurers more than $ 10 billion, according to Germany's Munich Re, which is going to lose some of it, but is still forecasting results.
Independent consulting firms estimate the cost of damage at $ 10 billion to $ 15 billion (€ 8.85 billion to € 13.3 billion), said Joachim Wenning, head of the reinsurance giant, on Tuesday. a meeting with the press in Munich.
By November 19, the US firm RMS had estimated the impact of the two deadliest fires in the history of California to 9 to 13 billion dollars, said Wednesday the Munich insurer to AFP.
Munich Re, whose core business is to support insurers against the risks they incur, expects to repay a few hundred million euros for this disaster, without exceeding half a billion euros, according to a first estimate of his boss.
However, Wenning confirmed the group's objective of making a net profit of 2.1 to 2.5 billion euros this year. Three weeks ago, CFO Jörg Schneider said he was optimistic about the chances of reaching the upper end of the range.
But Munich Re is now "a more conservative notch," acknowledged Wenning.
On the stock market, the stock dug its losses at 14:15 GMT, yielding 1.71% to 192.65 euros, in a market up 0.19% (Dax).
Munich Re will also withdraw from Iran, following the sanctions imposed by the United States against the Islamic Republic, announced Mr.Wenning.
"We have more to lose in the United States than in Iran," he said.
Iran recently accounted for the group barely 30 million euros in premiums collected out of a total of 49.1 billion euros in 2017, and this while the group had presented the country in 2015 as a market offering " very great opportunities "in the Middle East and North Africa region.
AFP
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