Munich Re withdraws profit guidance due to coronavirus claims
Share:
FRANKFURT (Reuters) - Munich Re on Tuesday withdrew its profit guidance for the year, blaming heavy insurance claims triggered by the cancellation of large events which were banned as a way to stop the spread of the coronavirus.Munich Re said claims made to its property-casualty reinsurance segment had caused it to anticipate profits in the low three-digit million euro range for the first three months of 2020. Last year, the reinsurer posted first-quarter profits of 633 million euros.As a..