Here Is The City

Profits Drop At Munich Re

Net profits fell E1.75bn to E250m for 2001 at reinsurer Munich Re after exposure due to the terrorist attacks in the World Trade Center and other natural disasters. The results did, however, included E830m in exceptional costs.

The insurer is continuing to press for higher premiums to reflect current risk evaluations. It cancelled 20% of it's reinsurance contracts due for renewal in January due to inadequate pricing.

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