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Munich Re Expects First-Quarter Losses As a Result of Japan Quake, Tsunami

Source: AP

Posted on 21 Apr 2011

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Reinsurer Munich Re has warned investors that it will see a first-quarter loss due to the earthquake and tsunami in Japan. Additionally, claims from an earthquake in New Zealand and a cyclone in Australia will also contribute to the loss.

CEO Nikolaus von Bomhard said Wednesday that the combined disaster losses were euro2.7 billion ($3.9 billion) for the quarter, or 10 times what the company pays out in an average quarter.

He says Munich Re "will show a loss for the group in the first quarter of 2011," but should make a profit for the full year.

The company, based in Munich, announces its earnings May 9.