BERLIN: German reinsurance giant Munich Re said Monday that the global coronavirus pandemic wiped around 700 million euros ($800 million) off its core business in the second quarter of 2020.

In a statement, the company said that the huge financial blow was largely “attributable to cover for major events”. Despite the severe losses in reinsurance, Munich Re said it expects to post a net profit of 600 million euros in the second quarter, as losses unrelated to the pandemic were less severe than expected.—AFP