First quarter cat losses threaten Munich Re’s underwriting targets

The group is still aiming for a combined ratio of 98% for its reinsurance business, with 6.5% allowed for natural hazards

Munich Re put a brave face on major losses that struck during the first quarter of this year. The two most severe losses were floods in two coalmines in Queensland, Australia – one in January, and another one in February. They are expected to cost the reinsurer some €100mn (US$155mn apiece).