Hurricane Season

After the storm

“Our job is to help customers get their lives and businesses back to normal as quickly as possible,” says Allianz SE CFO Dieter Wemmer.

Q: How will hurricane Harvey affect Allianz?


A: Hurricane Harvey is a human tragedy, first and foremost, as with all natural catastrophes. Of course, large scale events like these have a financial impact on the insurance sector. But our immediate concern is human. Our job is to help customers get their lives and businesses back to normal as quickly as possible. This is what insurers do.


Q: Can you already say what the financial impact will be for Allianz?


A: For Harvey, Allianz Group has a net exposure limited to 220 million euros but it is too early to accurately estimate the final figure. That is the likely ceiling and the claims to the group may also fall below that number. Insured damages were caused partly by winds and flooding, but interruption to business will also be costly. Many companies are insured in case they cannot deliver or produce or in case their supply chains are disrupted.


Q: And Irma?


A: Irma has already hit the Caribbean and is expected to reach Florida this weekend. It is already one of the strongest storms ever recorded in the Atlantic. Before the storm has passed, any estimate would be a shot in the dark. You will see, however, that Allianz has prepared well with reinsurance protection that helps cap the group’s overall exposure and sets us up well precisely for these types of events.

Dieter Wemmer
Dr. Dieter Wemmer, Allianz Chief Financial Officer
street flooded by hurricanes

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