Munich Re reveals coronavirus hit

The impact of the coronavirus on the insurance industry keeps on coming. The latest victim has been Munich Re, which withdrew its profit guidance for the year as a result of significant insurance claims triggered by the cancellation of large events. Governments across the globe have been banning these public gatherings in the fight to slow the spread of COVID-19. The reinsurer stated that claims within its property and casualty reinsurance segment have caused it to anticipate profits in the low three-digit-million euro range for the first three months of 2020, according to reports from Reuters. By comparison, Munich Re posted Q1 profits of €633 million last year.