Allianz admits to crawling nat cat loss budget, now at 3.5% and counting
Allianz is watching climate for signs it could once again need to increase its estimates of nat cat and weather losses, group chief financial officer Giulio Terzariol (pictured) has said.
Allianz has gone step by step from an estimated load for nat cat and weather-related events at 3% several years ago, past an interim 3.2% guess "and now we think more like 3.5%", Terzariol said.
"And now we see how this situation develops in 2022 and if this is enough or we go even higher," he said.
The group does carry protection from excessive negative surprises, Terzariol noted. Aggregate reinsurance "starts protecting us once we get a deviation of 100 bps," Terzariol said.
P&C operations at Allianz suffered a 3.1% loss rate from nat cat in 2021 after 1.7% in 2020, a presentation of 2021 earnings showed.
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