- Since the beginning of the first lockdown in 2020 and throughout the year, Allianz Insurance has been making payments on Business Interruption claims where it believes there is cover provided by the policy. At the end of January 2021, a total of 1832 interim and final claims payments had been made to customers on covered claims, representing 75% of the total number of covered claims.
- Graham Gibson, chief claims officer, Allianz Insurance, said:
“Allianz has taken a fair and balanced view on submitted Covid claims, resulting in many payments being made. The Supreme Court ruling handed down on 15 January provided a degree of clarity and has endorsed the decisions Allianz has made to date. The judgement is very technically complex and it will take some time to digest what it means for each customer, however Allianz has identified a small number of claims potentially affected by the case and we have contacted all customers who are affected by the judgement in line with the FCA guidelines and have already been in touch with our brokers to explain our next steps.
“Unfortunately, the reporting of the ruling has raised expectations amongst many small businesses in particular and Allianz has received a significant increase in business interruption claims over the last three weeks, the vast majority of which provide no cover. Fortunately we have established processes in place to deal with a surge in claims caused by any major event, including online communication and additional claims handler support, as and when our business requires it.”
He added: “We are acutely aware that the coronavirus pandemic has had a severe impact on many of our policyholders and we have every sympathy with those affected. Allianz also understands that policyholders with BI cover will naturally wish to explore the question of whether or not it responds to the losses that they have suffered. Equally, however, it is vital for the functioning of such insurance and for the benefit of policyholders with valid claims that Allianz should only pay claims in cases where the policy requirements are satisfied.”
The information contained in this press release relates to Allianz Insurance plc. Allianz Insurance plc is one of the largest general insurers in the UK and part of the Allianz Group.
About Allianz Holdings plc
Allianz Holdings plc is the non-regulated holding company which owns the principal insurance operations of Allianz SE in Great Britain.
The Allianz Group is one of the world's leading insurers and asset managers with more than 100 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing 790 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage 1.7 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are amongst the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2020, over 150,000 employees achieved total revenues of 140 billion euros and an operating profit of 10.8 billion euros for the group.
These assessments are, as always, subject to the disclaimer provided below.
Cautionary note regarding forward-looking statements
This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz Group's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates, most notably the EUR/USD exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions including and related integration issues and reorganization measures, and (xi) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.
No duty to update
The Allianz Group assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.
*Including non-consolidated entities with Allianz customers.