September 8, 2017 / 12:28 PM / a month ago

Allianz net exposure to Harvey limited to 220 million euros: CFO

FRANKFURT (Reuters) - German insurer Allianz’s (ALVG.DE) net exposure to Hurricane Harvey will likely not exceed 220 million euros ($265.4 million), its finance chief Dieter Wemmer said, but added that it was too soon to accurately estimate the final figure.

FILE PHOTO: The logo of insurer Allianz SE is seen on the company tower at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. REUTERS/Jacky Naegelen/File Photo

“Insured damages were caused partly by winds and flooding, but interruption to business will also be costly,” Wemmer said in an interview published on the company’s website on Friday.

He also said any estimate of what damage Hurricane Irma, one of the most powerful Atlantic storms in a century, may cause, would be a “shot in the dark” before the storm has passed.

Reporting by Maria Sheahan; Editing by Edward Taylor

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