Allianz records high costs due to storms - operating profit collapses

Allianz records high costs due to storms - operating profit collapses

According to a report by www.volksstimme.de, Allianz spent almost 1.3 billion euros on the consequences of natural disasters in the summer due to severe storms in Slovenia, Austria and Italy. This led to a 15 percent decline in operating profit to 3.5 billion euros in the third quarter.

This decline has a significant impact on the industry and insurance customers. In particular, Allianz's property and casualty business recorded a significant decline in operating profit by a quarter to just over 1.4 billion euros. This suggests that natural disasters have a significant impact on insurance company profits.

Overall, despite the challenges, Allianz is on track to achieve an operating profit of between 13.2 and 15.2 billion euros. Nonetheless, these numbers show how severe the impact of natural disasters can be on the insurance industry. Customers may expect increased insurance premiums or limited coverages to offset the financial burdens of insurance companies. This could lead to a general increase in the price of insurance products.

The intense storms in Europe not only have a short-term financial impact on Allianz and its shareholders, but could also have long-term consequences for the insurance market and consumers. It is important to closely monitor developments in the insurance industry in the coming quarters to understand the long-term impact of these events.