Allianz – Half a billion for the flood economy

The alliance is to raise a total of around 500 million euros for flood damage. Reinsurers are replacing some of that. Germany’s largest insurer expects around 30,000 damage to buildings and personal effects as well as around 5,000 to cars. However, the group will not feel the burden until the third trimester. In the first half of the year, Allianz Germany earned 838 million euros, an increase of 54% compared to the weak first half of 2020, when high write-downs on shares were incurred. Sales fell 8.5% to 20.5 billion euros in the first half of 2021. In terms of life insurance, the group is becoming more cautious and accepts fewer single premium contracts.

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