Reinsurance giant Munich Re has allocated EUR90m ($105.6m) in the first quarter of this year for claims for damages from the Middle East armed hostilities, according to the company's CFO, Mr Andrew Buchanan.
Munich Re’s 1Q2026 financial statements also stated, “Claims arising from the Iran war came to approximately EUR90m for Munich Re – with around EUR60m attributable to Global Specialty Insurance and approximately EUR30m to property-casualty reinsurance.”
AM Best describes the provision as “manageable” as the reinsurer posted strong first-quarter results.
The highlights of Munich Re’s 1Q2026 financial performance are:
-
A net result of EUR1,714m, 56.7% higher year on year
-
Total technical result rose to EUR2,676m, an increase of 30.3% year on year, which was attributable in particular to low major-loss expenditure in reinsurance
-
Reinsurance business contributed EUR1,479m to the net result (1Q2025: EUR853m)
-
Major-loss expenditure in the property-casualty reinsurance segment was dropped to EUR130m (1Q2025: EUR1,008m); 1Q2025 was severely impacted by the Los Angeles wildfires
-
Property-casualty reinsurance and Global Specialty Insurance: Excellent combined ratios of 66.8% and 83.7% thanks to low major-loss expenditure
-
Life and health reinsurance: Total technical result of EUR500m slightly above pro-rata guidance
-
ERGO: EUR235m contribution to net result
-
Outlook reaffirmed by high operating profitability and sustained advantageous business opportunities in upcoming quarters. Munich Re is aiming to generate a net result of EUR6.3bn for 2026, marginally higher than the actual net result of EUR6.1bn for 2025