Allianz blames drop in profits on claims for Covid closures

Allianz said lower demand for car insurance and higher claims from Covid business disruption led to a first profit fall since 2011.

German insurance giant Allianz has cited higher claims from companies disrupted by Covid lockdowns as a reason for the first fall in its annual operating profit in nearly 10 years. The company said lower demand for car and travel insurance played a part also.

Allianz is one of 12 insurers in Ireland recently contacted by more than 420 restaurants and bars seeking payouts on business interruption policies due to forced closure during the pandemic.