According to him, the pandemic has led to a serious economic downturn and uncertainty for insurance and reinsurance companies around the world. The coronavirus has hit the industry like a “meteor impact”, and it is not yet known what losses will be due to the interruption of the business of insured clients, but according to Bäte, this amount will be huge. “I can say that in all sectors, whether business interruption, travel or entertainment insurance, there will be huge losses for the industry in the future. It takes time to evaluate them,” Bäte said.
Earlier, Allianz announced the merger of two structural divisions: investment manager Pacific Investment Management Company (PIMCO) and real estate specialist Allianz Real Estate.
Photos are from open sources.