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rdf:type	schema:NewsArticle
schema:articleBody	German reinsurance giant Munich Re said Thursday it was dropping a key financial target for 2020, after the first quarter was marked by a billion-euro blow from the coronavirus crisis. So-called "man-made major losses" more than tripled to 973 million euros ($1.0 billion) in January-March, Munich Re said, "mostly due to losses stemming from the cancellation or postponement of major events on account of the coronavirus pandemic". As a reinsurer, Munich Re's job is to cover insurance companies against the risks inherent to their business. The virus impact contributed to slashing net profit 65 percent year-on-year, to 221 million euros. Nevertheless, "the high losses due to COVID-19 are manageable for Munich Re," finance director Christoph Jurecka said in a statement. While it had in March dropped a company-wide goal of 2.8 billion euros of net profit in 2020, the first-quarter result prompted the financial firm to abandon its annual goal of a 2.3-billion-euro profit in its core reinsurance business. Munich Re also highlighted "considerable uncertainty pertaining to further developments in the coronavirus pandemic and its economic impact" that could weigh on business throughout the year. jpl/tgb/hmn/wai
schema:headline	Reinsurer Munich Re drops financial target after virus blow
schema:mentions	Jet Propulsion Laboratory Insurance Pandemic Virus Coronavirus Severe acute respiratory syndrome coronavirus 2 Reinsurance Munich Re
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-05-07 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	76 (xsd:integer)
http://data.cimple...tology#hasEmotion	anger

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