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DISASTER MANAGEMENT
Allianz sticks to profit goal despite Hurricane Sandy hit
by Staff Writers
Berlin (AFP) Jan 15, 2013


German insurance giant Allianz said on Tuesday it was sticking to its full-year profit forecast despite taking a hit of 455 million euros ($590 million) from Hurricane Sandy.

"Despite the impact of Hurricane Sandy, we continue to expect our operating profit for 2012 to exceed nine billion euros," said Dieter Wemmer, the firm's chief financial officer, in a statement.

Allianz said it would publish its year-end figures, including estimates for 2012 natural catastrophe damage, on February 21.

Investors appeared underwhelmed by the announcement, with Allianz stock up 0.14 percent, slightly better than the wider DAX market of leading German shares, which was down by 0.13 percent.

Earlier in January, the world's leading reinsurer, Munich Re, said that natural catastrophes including Hurricane Sandy in October in the United States caused $160 billion (120-billion euros') worth of damage in 2012.

Overall, global losses were significantly lower in 2012 than in 2011 when record figures were posted due to the earthquakes in Japan and New Zealand and severe floods in Thailand, Munich Re added.

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DISASTER MANAGEMENT
Hannover Re hit by 261-million-euro loss from Sandy
Frankfurt (AFP) Jan 14, 2013
German reinsurance giant Hannover Re said on Monday that it had taken a 261-million-euro ($349-million) hit due to claims from Hurricane Sandy but still expected to reach its annual targets. "Based on a detailed analysis of its non-life reinsurance portfolio, Hannover Re anticipates a net burden of losses ... of 261 million euros from Hurricane Sandy," the firm said in a statement. Never ... read more


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