Allianz CEO Says Virus Hit Insurers Like ‘Meteorite’
Friday, 04 17 2020, Category: Insurance and Reinsurance, Country: Europe
Allianz SE Chief Executive Officer Oliver Baete warned the coronavirus has upended insurers’ business models and will cause “massive” losses across the industry.
The virus has forced closures across the entire economy and not just in a limited number of cases, Baete said. Any recovery from those shutdowns will likely take longer than people currently predict, he said.
“The coronavirus has hit our industry like a meteorite impact,” Baete said in an interview on Bloomberg Television. “There will be huge losses for the industry coming, it just takes a while for those to materialize.”