Munich Re hadn't previously published its own assessment for the insured market loss caused by Sandy.
WSJ: Sandy's Insurance Bill Estimated at $25 Billion for Industry
In Europe, shares in Swiss Re rose 1.3% and Munich Re shares were also higher.
In the past, sticking to its core business was seen as Munich Re's strength.
Allianz and Munich Re , two big insurers, are to sell euro8 billion-worth of each other's shares.
Munich Re's top management likes to talk about its strategy of three pillars reinsurance, primary insurance and asset-management.
The two biggest, Munich Re and Swiss Re, were down by 16% and 17% respectively on the day.
"Sandy's flood wave hit New York with full force, " said Peter Hoeppe, who heads Munich Re's Geo Risks Research.
WSJ: Sandy's Insurance Bill Estimated at $25 Billion for Industry
Three Allianz board members, for example, sit on the board of Munich Re.
Insurance giant Munich Re recently reported that weather-related loss has quintupled in the United States in recent years.
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The main shareholdings include 12.9% of DaimlerChrysler, as well as slices of Allianz and Munich Re, Germany's two biggest insurers.
Munich Re and Allianz each own a quarter of the other, and their offices are in the same street in Munich.
Analysts said Munich Re's 2012 profit guidance, which it had only raised in November, wasn't threatened by the higher estimated market loss.
WSJ: Sandy's Insurance Bill Estimated at $25 Billion for Industry
Mr Schinzler is adamant that he has no plans to cut Munich Re's stake in Allianz further, despite the competition between them.
The Munich Re spokesman also declined to comment on expected rate increases in the U.S. ahead of the industry's renewals releases in early February.
WSJ: Sandy's Insurance Bill Estimated at $25 Billion for Industry
Germany-based financial firm Munich Re was named the greenest company in the world in the Global Green Rankings 2011 list with a green score of 83.6.
Other particularly weak life companies are Hannoversche Leben, Victoria (owned by Munich Re, a big reinsurer) and the life arm of Gerling, one of Germany's weakest general insurers.
ECONOMIST: Many European life companies are still in dreadful shape
"The heavy losses caused by weather-related natural catastrophes in the U.S.A. showed that greater loss-prevention efforts are needed, " Munich Re board member Torsten Jeworrek said in a media release.
WSJ: Sandy's Insurance Bill Estimated at $25 Billion for Industry
One certainty is the reduction of Munich Re's stake in Allianz from 25% to 20% by 2003 (Allianz will cut its holding in Munich Re to the same level).
For instance, Allianz and Munich Re, two German insurers, still own as much as 25% of each other's shares and both have a stake in HypoVereinsbank, a Bavarian bank.
Munich Re grabbed Hartford Steam Boiler, a subsidiary with a tremendous reputation for underwriting engineering projects, for just a bit over half of what AIG had paid nine years before.
Deutsche raised about euro1 billion in the first quarter, mainly from shares in Allianz and Munich Re, after the capital-gains tax on such sales was abolished at the start of the year.
It is no surprise, then, that some of the biggest names in the business firms such as Swiss Re, Munich Re, American International Group, Aviva and AXA already offer an array of insurance products tied to climate change.
Nonetheless, from an investor's perspective, 3C still merits a significant amount of attention simply because of its members, a list that also includes: AIG, Areva, Bayer, British Sky Broadcasting, Dow Chemical, Endesa, Hitachi, Munich Re Group, RAO UES Russia, SAS and Siemens.
What we do know for sure is that they're planning to keep the business headquartered in Munich, at least according to an internal memo that was sent around earlier today to employees of Siemens mobile division.
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