Europe's biggest insurer Allianz confirmed Tuesday
its profit outlook for 2012 despite the high costs resulting from
Hurricane Sandy, which devastated large parts of the northeast US
coast in October.
The Munich-based group estimated the cost to its operations last
year resulting from the massive storm at 590 million dollars.
But Allianz chief financial officer Dieter Wemmer said: "Despite
the impact of Hurricane Sandy, we continue to expect our operating
profit for 2012 to exceed 9 billion euros (12 billion dollars)."
The world's third biggest reinsurer, Hannover Re said Monday it
still expects to post a net profit for 2012 of more than 800 million
euros, despite the damage caused by Sandy.
Hannover Re expects its net losses from Sandy to total 261 million
euros. Reinsurers cover the insurance sector's risks.
Analysts expect the damage caused by Sandy, which brought New York
to a standstill, to cost the global insurance industry up to 25
billion dollars.
Allianz is scheduled to publish its full-year results, including
the costs of natural catastrophes in 2012, on February 21.
