Storm Sandy won't blow Allianz off 2012 target

  • Rate this Story
  • 0
  • 0

November 9, 2012 6:56 PM EST

The latest claims data on superstorm Sandy in the United States do not threaten the full year operating target of Allianz , Europe's biggest insurer said on Friday.

Allianz raised its 2012 operating target on October 29 just as Sandy blasted through the Northeastern United States, saying it expected operating profit to exceed 9 billion euros ($11.5 billion), above the 8.7 billion it had previously seen as the top of its target range.

The insurer confirmed the new target on Friday alongside details of its third quarter earnings, after giving headline results last week.

"This outlook considers preliminary estimates regarding the impacts of hurricane 'Sandy' as per November 8, 2012," Allianz said, warning that claims from large catastrophes sometimes take weeks or months to be finalized.

Disaster modeling companies expect Sandy caused as much as $20 billion in insured losses, not counting flood damage that could add billions more to the total.

  • Rate this Story
  • 0
  • 0
Copyright 2012 Thomson Reuters. All rights reserved.

Join the Conversation

IBTimes TV
E-Newsletters

We value your privacy. Your email address will not be shared.