NU Online News Service, April 16, 2004, 5:58 p.m. EDT – The weak U.S. dollar is a problem, but life and health reinsurance markets are starting to look stronger.[@@]
Executives at Munich Re Group, Munich, gave that assessment Thursday at a press conference held to discuss the company’s 2003 performance.
The company is reporting a 400 million euro loss for 2003 on 40.4 billion euros in premium revenue, compared with a 300 million euro loss on 40 billion euros in revenue for 2002, in part because of a drop in the euro value of the company’s U.S. earnings.
The value of the dollar fell to $1=1.2552 euros Dec. 31, 2003, from $1=1.0481 euros a year earlier, according to OANDA Corp., New York.
Because the value of the dollar has fallen so much, the dollar value of Munich Re’s revenue has increased to $51 billion, from $42 billion.