Munich Re has said its full year net profit will be hit by close to €1.5bn as a result of the 2005 hurricane season.
The figure is approximately €500m more than Munich Re had announced previously.
However, the reinsurer said it still expects to meet its earnings targets "not least due to substantial capital gains from measures taken for further derisking in its investments".
The reinsurer said said total burdens from natural catastrophes during the year amounted to almost €2.3bn including retrocession, or re-reinsurance, cover.
Munich Re had peviously estimated the net burden after retrocession at €650m for hurricanes Katrina and Rita. It said it now anticipates, before tax and after retrocessions, costs of just over €1.6bn from Katrina, or €815m more than the previous estimate.
It said that estimates for Rita and Wilma were unchanged at more than €250m, and around €330m respectively.
However, Munich Re said: "The results of the group's basic reinsurance business have been good and its primary insurers have continued to build on their positive development."
It also said that natural catastrophes will continue to be insurable, "assuming that prices and conditions keep pace with the increase in insured risks."
Torsten Jeworrek, management board member said: "Munich Re is gearing its business more than ever to the new risk situation and to these enormous potentials, as we recognise the additional business opportunities they offer.
"We will take advantage of the business opportunities but, in doing so, will only accept risk-adequate prices and conditions," he added.
