Los Angeles Wildfires Cause Record Insurance Losses

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• Los Angeles wildfires led to record insurance losses
• Munich Re estimated 1.2 billion euros in claims
• Net profit for 2024 was 5.7 billion euros
• Expectation of net profit to rise to six billion euros in 2025
• Revenues projected at 64 billion euros for the year ahead

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Insurance Coverage and Response to Natural Disasters

• CEO Joachim Wenning emphasized that the wildfires in Los Angeles were considered "no problem at all" from an insurance perspective, highlighting Munich Re's readiness to cover such risks.
• Munich Re's net profit for 2024 reached 5.7 billion euros, despite facing significant claims from natural disasters like Hurricane Helene and Hurricane Milton, showcasing the company's financial resilience in handling major disasters.
• Despite incurring substantial costs from the Los Angeles wildfires, Munich Re remains optimistic about its future financial performance, expecting a rise in net profit to six billion euros in 2025, demonstrating the company's confidence in its ability to navigate through challenging circumstances.

Source

Fortune

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