Dorian field insured losses found in many billions of dollars: Munich Re – Reuters

Dorian field insured losses found in many billions of dollars: Munich Re - Reuters 1

A man rides a bicycle earlier harm in the wake of Hurricane Dorian in Marsh Harbour, Great Abaco, Bahamas, September seven, 2019. REUTERS/Loren Elliott

FRANKFURT (Reuters) – Insured losses from Hurricane Dorian are expected to overall various billions of dollars, German reinsurer Munich Re (MUVGn.DE) reported on Sunday.

Board member Torsten Jeworrek, talking at an field meeting, said that the estimate was a “rough guess” as harm was however to be tallied.

Dorian ripped into the Bahamas earlier this week, leaving a path of destruction and loss of life, in advance of pounding parts of North Carolina and transferring on to Canada.

Separately, Jeworrek claimed he predicted reinsurance fees to rise further across the field, stabilizing following several years of declines.

The “clear expectation” is a “further stabilization and rate raises,” Jeworrek explained.

Swiss Re (SRENH.S), a key competitor, reported it also expected fee raises in locations strike by major losses, but more stable charges elsewhere amid ample money.

Reporting by Tom Sims editing by John Stonestreet and Emelia Sithole-Matarise

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