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Almost 30 percent of the 2016 losses were insured. The share of uninsured losses the so-called protection or insurance gap remained substantial at around 70 percent.

This past year, the worlds largest companies, including 18 property and casualty insurance companies, saw cumulative sales decline for the first time since 2010.

Gains from selling investments and currency effects following the U.K.s Brexit vote in June helped offset higher claims in the quarter.

The plan for Ergo's operations includes cutting 1,835 jobs, or about 13% of the Dusseldorf-based companys workforce in Germany.

Munich Res new profit target of $2.6 billion now includes restructuring costs at the Ergo primary-insurance unit.

Munich Re, the worlds second-biggest reinsurer, fell the most since August 2013 after saying first-quarter profit will be lower than it previously expected.

Munich Re expects profit to decline this year as falling prices for its products and low interest rates weigh on investment earnings.

Wenning, 51, is currently a board member with responsibility for life reinsurance and human resources.