German insurer Munich Re has seen its shares fall despite a strong first quarter, as the threat of further devastating storms discourages investors.

The group beat analysts’ expectations by 30%, reporting a core combined ration of 92%. Shares declined by almost 1% however, as weather experts warned of another bad hurricane season this year. Last year’s hurricanes wiped E1.5 billion from the company’s results.

Munich Re gave a cautious outlook for the year, saying that losses were generally made in the fourth quarter, and did not upgrade its full-year profit guidance. The company is expecting its full-year profit to be between E2.6 billion and E2.8 billion.