Allianz Estimates Europe Storm Losses at Over $600 Million

February 3, 2000

Germany’s Allianz reported that the storms which swept Europe at the end of December had resulted in claims estimated at 625 million Euros ( $612 million).

$107 million in claims for property and automobile damages were recorded in Germany, but far higher losses were expected from French subsidiary UAP, where the damage estimates topped 500 million Euros ($ 489 million). Allianz also has an approximately $15 million exposure in other European countries.

Despite estimated net losses of between 260 and 290 million Euros ($254 to $283 million), Allianz still expects a net earnings increase of around 10 percent over last year’s results, due principally to higher investment income.

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