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Munich Re, the worlds biggest reinsurer, reported second-quarter profit that missed analyst estimates, hurt by claims linked to a snowstorm in Japan. The shares dropped the most in three months.

The worlds largest reinsurer is counting on Brazilian President Dilma Rousseff to do whatever it takes to avoid the embarrassment that would result from interruptions.

The reinsurer did not forecast an industry loss estimate, but said the $500 million estimate reported in some media is clearly too high.

Munich Re, the worlds biggest reinsurer, said profit this year is expected to decline 9.1% as prices charged by the industry are in decline.

Munich Re, the world's biggest reinsurer, hiked its dividend after a surprise rise in 2013 profit, lifting hopes it can cope with an influx of new competitors and falling prices

Reinsurer Munich Re expects to keep its pricing power steady in renewing risk cover contracts with insurers in the coming weeks, playing down the competitive threat from pension fund investors that may undermine prices.

Munich Re played down the threat to its reinsurance portfolio from insurance investors like pension funds, saying it expected a stable outcome when it renews contracts with its insurance company clients in the coming months.

German reinsurer Munich Re said it had agreed to buy a business that helps manage weather risks for the energy sector from reinsurer RenaissanceRe.