Germany's Munich Re posts profit decline citing major natural catastrophes

BERLIN, Aug. 10 (Xinhua) -- Citing major losses resulting from natural catastrophes, German reinsurer Munich Re said on Thursday that its net profit in the first half (H1) of 2023 dropped 20.9 percent year-on-year to 2.4 billion euros (2.64 billion U.S. dollars).

While expenses for man-made losses fell to 320 million euros, losses from natural catastrophes more than doubled to 1.3 billion euros, according to Munich Re. At a nominal 600 million euros, the devastating earthquakes in Türkiye were causing the highest expenditure.