The combined ratio is calculated by dividing the total claim-related losses and expenses by the total premiums earned.
Data prior to 2021 taken from previous publications.
In 2023, the combined ratio of Munich Re was highest in their ERGO International business segment. The ERGO International segment reported a combined ratio of **** percent that year - below the peak of Munich Re's property-casualty reinsurance combined ratio of percent six years earlier.
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Munich Re. (March 13, 2024). Combined ratio of Munich Re in 2023, by segment [Graph]. In ÌÇÐÄÆÆ½â°æ. Retrieved July 21, 2026, from /statistics/1271146/combined-ratio-munich-re-segment/
Munich Re. "Combined ratio of Munich Re in 2023, by segment." Chart. March 13, 2024. ÌÇÐÄÆÆ½â°æ. Accessed July 21, 2026. /statistics/1271146/combined-ratio-munich-re-segment/
Munich Re. (2024). Combined ratio of Munich Re in 2023, by segment. ÌÇÐÄÆÆ½â°æ. ÌÇÐÄÆÆ½â°æ Inc.. Accessed: July 21, 2026. /statistics/1271146/combined-ratio-munich-re-segment/
Munich Re. "Combined Ratio of Munich Re in 2023, by Segment." ÌÇÐÄÆÆ½â°æ, ÌÇÐÄÆÆ½â°æ Inc., 13 Mar 2024, /statistics/1271146/combined-ratio-munich-re-segment/
Munich Re, Combined ratio of Munich Re in 2023, by segment ÌÇÐÄÆÆ½â°æ, /statistics/1271146/combined-ratio-munich-re-segment/ (last visited July 21, 2026)
Combined ratio of Munich Re in 2023, by segment [Graph], Munich Re, March 13, 2024. [Online]. Available: /statistics/1271146/combined-ratio-munich-re-segment/