The regions most severely affected this time were the Terai lowlands in Nepal, where almost half of the Nepalese live, as well as certain Indian provinces along the Himalayas.In some districts, three-quarters of the territory was under water.(Read more) US losses dominate the statistics The US share of losses in 2017 was even larger than usual: 50% as compared to the long-term average of 32%.When considering North America as a whole, the share rises to 83%.Our industry’s risk expertise, capital strength, and claims-handling infrastructure are critical to finding meaningful solutions, and Munich Re is an active participant in the public-private partnership that seeks to offer more flood insurance options and promote flood protection.” Europe: Late frost after long warm period causes heavy losses Unusually low temperatures in April caused billions in damage to European farmers since their crops had already grown robustly in an otherwise warm spring.Depending on the region and particular fruit, harvests were up to 50% smaller than usual.Disclaimer This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re.
The annual monsoon season, which brings the otherwise desperately needed rain, lasted about four weeks longer than normal in 2017.
Torsten Jeworrek, Munich Re Board member responsible for global reinsurance business: “This year’s extreme natural catastrophes show how important insurance is in absorbing financial losses in the wake of such disasters.
Munich Re is willing to develop this business further – we have the necessary capacity and expertise.
In the financial year 2016, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €2.6bn.
It operates in all lines of insurance, with over 43,000 employees throughout the world.