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Munich Re profits almost wiped out
on 5 november, rival reinsurer, hannover re, reported its first third quarter net loss since 2005 - blaming higher damage claims due to hurricanes, and the global financial crisis .
german reinsurance giant munich re has seen its quarterly profits almost wiped out because of the financial crisis and claims for hurricane damage .
the ongoing volatility of the markets does not permit a reliable profits forecast for the year as a whole .
however, munich re and other reinsurers hope the financial turmoil will boost demand for the risk cover they offer to other insurers .