Munich Re

Munich Re Group has declared a pre-tax profit of €1.8bn (US1.7bn) for 1999, a fall from the previous year’s €2.3bn. The company cited a heightened reinsurance loss experience for the fall. Specifically, the company said that the December windstorms in Europe, the Sydney hailstorm, Japan’s Typhoon and earthquakes in Turkey, Taiwan and Greece led to natural catastrophe claims three times what they were in 1998.