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Floods are likely to cost Allianz more than half a billion

2021-07-27T10:05:08.213Z

Tens of thousands of Allianz customers are affected by the flood disaster. The insurance group expects damage of more than 500 million euros and is already paying out advances.



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Crashed car in Erftstadt-Blessen: Allianz recorded 5,000 vehicle damage alone

Photo: Christoph Hardt / imago images / Future Image

The insurance group Allianz puts the damage as a result of the flood disaster in Germany in an initial estimate at more than half a billion euros.

"Our current forecast assumes a total of over 30,000 damage to property and more than 5,000 vehicle damage with a damage volume of over 500 million euros," said Jochen Haug, claims director at the property subsidiary Allianz Versicherungs-AG in Munich.

According to Allianz, around 13,000 damage reports have been received about the storm as a result of low »Bernd«.

"But we expect these numbers to increase significantly in the next few days," said Haug.

Allianz could get part of the sum reimbursed by the reinsurers.

Around 80 Allianz experts and an additional 150 external experts are currently working in the affected areas to assess the damage.

The alliance has already brought around 100 emergency power generators and 1000 drying devices to the affected areas for its customers, and 250 drying companies have already been commissioned.

"It is important that affected customers are helped as quickly as possible," said Haug.

Allianz therefore pays advances of up to 10,000 euros to its customers, even if they initially only reported the damage to buildings and household items with elementary cover by telephone.

This ensures "that the first necessary purchases for daily needs can be made immediately."

Overall, the storm is likely to cost German insurers up to five billion euros, according to initial estimates by the industry association GDV.

dab / Reuters / dpa / AFP

Source: spiegel

All business articles on 2021-07-27

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