Munich Re sees billion dollar loss in third quarter

“The terrorism losses, as well as other major losses, demonstrate how much primary insurers continue to need reinsurance as a risk-transfer vehicle to guarantee their own claims-paying ability when faced with extreme financial burdens,” said Hans-Jurgen Schinzler, chairman of Munich Re’s board.Munich Re said its other losses come from, among other things, the “probable total loss” of the communications satellite PAS 7, Typhoon Nari in Taiwan and the explosion at the Toulouse chemical plant, both