1) The news about the cost of the wildfires in California.
2) Everyone (not me) seems to think that the worst of the tariffs and the trade war is over after the talks between the US and China in Geneva. Defensive stocks such as reinsurers are being sold again and shifted into growth and tech stocks.
I wouldn't worry too much. Reinsurers are a long-term investment. If there are a lot of claims, insurance premiums will be increased in the next round.
Munich Re recorded a significant fall in profit in the first quarter due to the losses from the wildfires in California. As a result, net profit halved in the first quarter to €1.09bn (previous year: €2.12bn). However, they are sticking to their forecast for the year.
Hannover Re is coping relatively well with the forest fires. Nevertheless, net Group profit falls by 13.9% compared to the previous year.
