October 26, 2017 / 6:01 AM / 2 years ago

UPDATE 1-Munich Re warns hurricanes to hit 2017 profits

* Now expects only “small” 2017 profit

* Previously saw net profit of 2-2.4 bln euros for 2017

* Hurricanes Harvey, Irma, Maria to cost 2.7 bln euros

* Shares drop 1.6 pct in pre-market trade (Adds further details, pre-market shares)

BERLIN, Oct 26 (Reuters) - Major reinsurance group Munich Re warned on Thursday that it now expected to post only a “small profit” for 2017 after its third-quarter earnings were hit by losses from Hurricanes Harvey, Irma and Maria.

It had previously expected net profit of 2 billion to 2.4 billion euros ($2.4-2.8 billion), but cast doubt on that target in September after hurricanes Harvey and Irma.

Hurricane Harvey struck Texas in late August, causing massive flooding. It was followed by Hurricanes Irma and Maria in September, which hit several islands in the northern Caribbean, Florida’s Gulf Coast and the U.S. territory of Puerto Rico.

Fitch said in a report last month after hurricane Maria that the global insurance and reinsurance industry was facing more than $100 billion in catastrophe losses.

Munich Re said it expected losses of 2.7 billion euros from the hurricanes, which will push it to a third-quarter loss of 1.4 billion.

Shares in Munich Re, which is due to publish full quarterly results on Nov. 9, fell 1.8 percent to the bottom of the blue-chip DAX index in pre-market trade at brokerage Lang & Schwarz.

$1 = 0.8452 euros Reporting by Maria Sheahan; Editing by Victoria Bryan

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