Global reinsurance giant Munich Re has taken a near 25% hit to its net profit in the first quarter (Q1) of 2019, bringing in €633 million (about AU$1.01 billion), down from €827 million (about AU$1.3 billion) in the same period last year.
The firm has attributed the drop to “higher basic losses and greater expenditure for claims from previous years,” battering its bottom line. It had to pay out €267 million for losses from Typhoon Jebi, which struck Japan in September last year, causing 11 deaths. This was the largest expenditure for major losses in the quarter, which amounted to €479 million, up from €62 million the year prior.
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