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Good news from Bavaria’s Monaco: Munich Re shares: The damage balance of the pandemic | message

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by Stephan Bauer, Euro am Sonntag

D.he Primus signals the all-clear. Since mid-June, Munich Re, the world’s largest reinsurer, has reported that the flow of bad news has “slowed down” for the group in the wake of the pandemic. In the first half of the year, Munich Re posted charges of 1.5 billion euros as a result of corona measures. The cancellation of many major events was very costly, and downtimes in the catering sector, some of which are insured, also had an impact here. Another corona episode: the reinsurance industry usually meets in Monaco at the beginning of September to discuss the terms of the coming year with customers. In 2020 there was only one video switch, motto: “Monte Carlo at Monaco di Baviera”.

The experts from Monaco in Bavaria also provided insights into the economic consequences of other damaging events. The catastrophic explosion in the Lebanese capital Beirut, for example, cost the company a low three-digit million euro amount. The DAX group sorts the loads from the recent eddy currents Hanna, Isaias and Laura on a similar scale, while the forest fires in California are unlikely to have any significant impact.

The reinsurer also pointed out that there is a risk of major damage events beyond Corona, be it through new biological pathogens, digital viruses or climate change. “We need state-supported risk pools in order to make uninsurable risks bearable,” demanded manager Stefan Golling as well as board member Torsten Jeworrek.

Ultimately, the statements by Bavaria support the assessments of observers that the industry has the worst behind it with regard to Corona. The experts at Berenberg Bank, for example, suspect that the pandemic will not hit the industry as hard as initially feared. Berenberg assumes much less damage than the 50 to 80 billion euros originally estimated by Swiss Re for the industry worldwide.

However, key figures for companies suffer, such as the Solvency II coverage rate. This indicator puts the actual capital reserves in relation to the minimum capital requirement according to the industry rules according to Solvency II. The coverage ratio of the Munich residents fell to 211 percent at the end of June, six months earlier it had been 237 percent. The Bavarians, however, see their “optimal range” between 175 and 220 percent.

Bonuses on the rise

The capital reserves are extremely important for investors, after all, after all claims accounts and investments have been settled, there should still be something left for the dividend. The fact that the operating business will be able to replenish Munich Re’s reserves in the future is supported by the development of insurance premiums. The people of Munich are confident that things will continue to grow here. Bankhaus Lampe expects growth of eight percent in the coming year and five percent in 2022.

Stability: The number 1 is financially solid. The premiums tend to increase. The high-dividend share remains attractive.

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More news on the topic Mnchener Rckversicherungs-Gesellschaft AG (Munich Re)

Image sources: photobyphm / Shutterstock.com, Casimiro PT / Shutterstock.com



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