Allianz Kyrill Losses Around $452 Million

Germany’s Allianz Group announced that “based on the current state of knowledge,” it estimates net claims of around €350 million ($452 million) before taxes. “The amount of claims is within the scope of expectations based on Allianz’s risk modeling systems, the bulletin added.

While Kyrill hit Germany the hardest, Allianz noted that the storm “left large areas of Europe with significant damages – most of them involving buildings and vehicles. Within the Allianz Group, Great Britain, Austria, the Czech Republic, Poland, Hungary and Slovakia were significantly affected besides Germany.”

“We anticipate a total of some 230,000 claims,” stated Thomas Pleines, CEO of Allianz Versicherungs-AG, the Group’s German operating subsidiary. “This amounts to net claims in the region of 180 million euros.”

Allianz indicated that the majority of submitted claims are related to property damages: “roofs were partially or completely detached and building facades were affected. Motor vehicle losses caused by fallen trees, branches and other objects were the second most frequent cause of damage.”

The Group’s corporate insurer, Allianz Global Corporate & Specialty AG, estimated net claims of €35 to €50 million ($45.2 to $64.6 million) over the whole corporate insurance portfolio.