Klaus Peter Rohler, a board member of the German insurance company Allianz, said that the company will not cover losses associated with the Corona virus pandemic for most new property insurance contracts, although some exceptions are expected.
“Our aim is to clarify that in the property insurance sector there is no insurance that covers losses from pandemics. So we have reviewed the texts of our property insurance products in this regard,” Bloomberg quoted Rohler, who heads the global property insurance sector in Allianz. . He noted that this rule was applied almost completely. He added that a new product appeared on the German market recently, which is business closing insurance.
“We are adopting a more different approach in the area of third-party liability,” Rohler said. “Our operating entities are currently updating their way of working … This new approach ranges from maximum risk analysis to explicit exceptions.” It is noteworthy that the Coronavirus pandemic negatively affected the profits of insurance activity in Allianz during the first half of this year, amounting to 1.2 billion euros.