Allianz Estimates ‘Emma’ Claims Will Exceed $300 Million

Germany’s Allianz reported that it now estimates that net claims before taxes caused by windstorm “Emma” will be more than €200 million ($311 million).

Allianz noted: “Damages are less severe than those caused by “Kyrill” last year (around €346 million [$540 million]). The amount of claims is within expectations, based on Allianz’ risk modeling systems.”

Winter storm “Emma” swept through Central Europe during the first weekend of March, affecting mainly Germany, Austria and the Czech Republic. Overall storm loss estimates range from a low of around $460 million up to $2 billion (See IJ web site –
https://www.insurancejournal.com/news/international/2008/03/07/88015.htm and
https://www.insurancejournal.com/news/international/2008/03/05/87951.htm).

For Germany, Allianz Deutschland AG expects more than 100,000 claims. “This corresponds to estimated net claims between 100 and 200 million euros [$156 to $311 million),” stated Gerhard Rupprecht, CEO of Allianz Deutschland AG. Over 75 percent of the incoming claims are related to building insurance. The second most frequent cause for incoming claims are motor vehicles damaged by fallen trees, branches and other objects.

Source: Allianz – www.allianz.com