BERLIN, Nov. 7 (Xinhua) -- German reinsurer Munich Re reported Thursday that natural catastrophes drove its third-quarter losses to 1.6 billion euros (1.7 billion U.S. dollars), more than double the amount recorded in the same period last year.
The most expensive single claims event during the period was Hurricane Helene in the United States, which resulted in approximately 500 million euros in losses for Munich Re, said the company in a press release.
"The hurricane season in the North Atlantic was relatively severe, causing above-average major losses and a year-on-year decline in the quarterly result," said Chief Financial Officer Christoph Jurecka.
Jurecka expects additional losses for the company from Hurricane Milton in the fourth quarter. However, he noted that with a net profit of 4.7 billion euros for the first nine months of the year, Munich Re's overall performance in 2024 remains robust.
"We therefore expect to outperform our 2024 result target of 5 billion euros," he added. (1 euro = 1.07 U.S. dollar)
