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13. 11. 09. - 14:00

Allianz reinsurance strategy pays off

By David Rogers

Insurance giant Allianz reported a rise on earnings today (Fri).

The company said its operating earnings had risen 1.1 per cent year on year to 81.4 million Euros during the first nine months of 2009.

Allianz Austria chief Wolfgang Littich said the firm’s reinsurance strategy had helped limit payments for damages to insured property caused by bad weather this year, which had amounted to 72.1 million Euros as of the end of September - 30.1 per cent more than in the same period last year.

He added premium revenue for health insurance policies had risen by 5.9 per cent year on year to 32.3 million Euros while premium revenue for accident and property insurance fell 1.9 per cent year on year to 651.9 million Euros during the first three quarters of the year.

But premium revenue for life insurance dropped 8.0 per cent year on year to 331.1 million Euros in the first nine months.

Overall premium revenue was down by 3.8 per cent to 1.04 billion Euros in the first three-quarters compared to the same period last year, and overall payments to policy holders had risen by 12.6 per cent to 746.5 million Euros, Littich said.

Littich had called for creation of an insurance catastrophe pool supported by the state last summer after severe weather led to flood of claims.

Almost a fifth of Austrians were urgently looking for more insurance against natural catastrophes last summer, according to the results of a GfK poll of 500 Austrians.

Nineteen per cent said they wanted extra coverage against natural disasters, while 59 per cent said they did not feel they had been adequately informed about their insurance coverage in relation to natural catastrophes.

Forty-seven per cent feared the Austrian state would not help them if they suffered damage in a natural catastrophe.

Austrian Times

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