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MarketScreener Homepage  >  Equities  >  Xetra  >  Allianz SE    ALV   DE0008404005

ALLIANZ SE

(ALV)
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Delayed Quote. Delayed Xetra - 07/03 11:35:27 am
184.14 EUR   -1.05%
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Allianz : Lloyd's calls for state-backed 'Black Swan' reinsurance

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07/01/2020 | 12:28am EDT
FILE PHOTO: Man enters the Lloyd's of London building in the City of London financial district

"Black Swan" reinsurance schemes backed by governments could help businesses get insurance pay-outs after huge shocks such as the coronavirus pandemic, Lloyd's of London said.

Commercial insurance market Lloyd's has said insurers worldwide will pay out more than $100 billion in coronavirus-related claims this year.

But many firms are frustrated that their business interruption policies do not cover the pandemic and some in Europe and the United States are in dispute with insurers.

The Black Swan cover could be used to ensure payments after catastrophes such as a cyber attack or solar storm destroying critical infrastructure, as well as for pandemics, Lloyd's said in a report published on Wednesday.

"Our concern is you solve for pandemic and you don't solve for the next disaster," Lloyd's Chief Executive John Neal told Reuters.

Insurers in Britain, France, Germany and the United States are seeking government-backed "Pandemic Re" cover for future pandemics, similar to existing pooled insurance schemes for damage due to terror attacks.

Neal said that unlike a Pandemic Re, a Black Swan Re would help firms after "multiple systemic exposures". European risk managers have also called for a broader programme.

Lloyd's, which has set up a 15 million pound ($18.5 million) seed fund to create new products, is also proposing a government-backed after-the-event product to give small businesses a quick cash injection after a crisis.

And the market is working on a new business interruption policy for its small business customers, to insure sums of up to 100,000 pounds, which Neal said could launch this year.

Britain's markets watchdog is taking eight insurers to court, including two Lloyd's syndicates, to clarify whether some business interruption policy wordings should trigger pay-outs.

Customer opinions of insurance have deteriorated as a result of the disputes, the Lloyd's report found.

The proposals were made in conjunction with Lloyd's' global advisory committee, which includes major insurers such as Allianz and AXA.

(Reporting by Carolyn Cohn; Editing by Alexander Smith)

Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE -1.05% 184.14 Delayed Quote.-15.69%
AXA -0.97% 18.904 Real-time Quote.-24.72%
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Financials
Sales 2020 142 B 159 B 159 B
Net income 2020 6 391 M 7 188 M 7 188 M
Net Debt 2020 20 915 M 23 525 M 23 525 M
P/E ratio 2020 11,6x
Yield 2020 5,26%
Capitalization 75 810 M 85 228 M 85 271 M
EV / Sales 2019
EV / Sales 2020 0,68x
Nbr of Employees 147 268
Free-Float 99,9%
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 200,24 €
Last Close Price 184,14 €
Spread / Highest target 40,1%
Spread / Average Target 8,74%
Spread / Lowest Target -46,9%
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Managers
NameTitle
Oliver Bäte Chief Executive Officer
Michael Diekmann Chairman-Supervisory Board
Christof Mascher Chief Operating Officer
Giulio Terzariol CFO, Head-Finance, Controlling & Risk
Gabriele Burkhardt-Berg Vice Chairman-Supervisory Board
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