Munich Re has reported overall losses of €3.2 billion ($3.78 billion) for Q3 from hurricanes Harvey, Irma and Maria and expenditures from other natural catastrophes.

The three hurricanes will make up the bulk of the losses for the quarter, with the loss expected to be €2.7 billion ($3.19 billion). Other natural catastrophe losses included those from the Mexico earthquakes.

The global reinsurer will post a loss of €1.4 billion ($1.65 billion) for the period from July to September 2017 and now projects a small profit for the full year 2017.

Jörg Schneider, Chief Financial Officer of Munich Re, said: “High losses from severe natural catastrophes are part and parcel of our business; that is why we are here. 

“Our capital base remains very strong. We will continue to offer our clients full reinsurance capacity. 

“Moreover, Munich Re has enough capital to take advantage of the opportunities this exceptional situation provides in terms of profitable growth.”