Allianz rules out pandemic in new property ins.
Wednesday, 09 23 2020, Category: Insurance and Reinsurance, Country: World
Munich The Allianz will in principle not grant pandemic coverage for newly concluded property and casualty insurance contracts, even if there may be exceptions. Board member Klaus-Peter Röhler indicated this to the financial news agency Bloomberg on Tuesday. The corona crisis had led to major losses in the group in the first half of the year.
According to Röhler, there is “basically no insurance cover for pandemics” in property and casualty insurance. In the property insurance sub-area, the product descriptions have been revised in this regard. “The implementation is almost complete here,” he said. As an example, Röhler, who moved up to the board of directors of the insurer this year, cited the new product for business closings on the German market.
“In the liability area, we take a more differentiated approach,” he said. The individual operating units in the group are currently in the process of adapting their insurance approach. “This new approach ranges from optimized risk analysis to explicit exclusions.”
In the first half of the year, the corona crisis at Allianz led to charges of 1.2 billion euros. Two thirds of this was attributable to property and casualty insurance, the rest to life and health insurance. The slump in the economy as a result of the corona crisis will also severely dampen demand for insurance this year, according to an industry study by Allianz. The pandemic hits the global economy like a “meteorite”.