Irma a 'major event' for insurance industry: Munich Re board member
Reuters
Published Sep 10, 2017 11:03AM ET
Updated Sep 10, 2017 11:20AM ET
Irma a 'major event' for insurance industry: Munich Re board member
MONACO (Reuters) - Hurricane Irma is proving to be a "major event" for Florida and the insurance industry, Torsten Jeworrek, member of the board of the German reinsurance giant Munich Re (DE:MUVGn), said on Sunday.
The tropical storm is currently sweeping the Florida Keys and is forecast to slowly travel up to the Florida panhandle.
Jeworrek and other insurance executives gathered in Monaco for an annual conference to haggle over reinsurance prices and strike underwriting deals.
Even though Irma may skirt densely populated Miami, "Irma is still a major event for Florida and also a major event for the insurance industry," Jeworrek said.
Jeworrek said that Munich Re wasn't especially exposed to Florida. "Florida for us is not an attractive state in terms of prices and margins," he said. "We are not in the most exposed situation here."
Jeworrek, when asked by journalists, also hazarded a rough guess for the insured losses for the global industry of Hurricane Harvey, which struck Texas two weeks ago and caused massive flooding.
He said that losses were estimated at between $20 billion and $30 billion, which would put the storm on a scale of Sandy.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.