Germany’s Allianz SE has announced that its losses from Hurricane Sandy are estimated to total €455 million [approximately $607 million at current rates]. Allianz’ bulletin used a lower exchange rate to put the estimate at $590 million. The figure is preliminary, and includes payments to customers and related items such as reinsurance reinstatement fees.
Allianz SE’s CFO Dieter Wemmer, Chief Financial Officer commented: “Despite the impact of Hurricane Sandy, we continue to expect our operating profit for 2012 to exceed €9 billion [app. $12 billion].”
Allianz will publish its year-end figures, including those for 2012 natural catastrophe impact, on February 21, 2013.
Source: Allianz SE
Topics Trends Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
US Appeals Court Rejects Challenge to Trump’s Efforts to Ban DEI 
Allstate CEO Wilson Takes on Affordability Issue During Earnings Call 
Insurance Issue Leaves Some Players Off World Baseball Classic Rosters 
Trump’s EPA Rollbacks Will Reverberate for ‘Decades’ 
