By Ulrike Dauer
Germany's Munich Re AG (MUV2.XE), the world's largest reinsurer, said late Wednesday it could miss its 2017 profit target because of a high bill for insurers and reinsurers caused by Hurricanes Harvey and Irma.
Munich Re said it would likely report a loss for the third quarter. For the full year, it previously guided for an aftertax profit, including minorities, of between EUR2.0 billion and EUR2.4 billion ($2.4 billion to $2.86 billion).
It also said reinsurers and insurers aren't yet able to quantify the impact of the two hurricanes.
Munich Re said its capital base remains solid even after the storms.
Write to Ulrike Dauer at [email protected]