Allianz CEO Says Virus Hit Insurers Like a ‘Meteorite’

The CEO of Allianz discusses the impact of COVID-19 on the insurance industry, highlighting the German Government's plan to backstop losses for commercial credit insurers. He emphasizes the importance of avoiding procyclical behavior and the need for public-private partnerships to stabilize the economy. The CEO also calls for similar solutions at the European level to manage systemic risks, noting that the insurance industry cannot handle such risks alone. He predicts significant losses for the industry across various sectors due to the pandemic.

What are the potential consequences of cutting credit lines in the insurance industry?

How does the speaker describe the economic model of the insurance industry in relation to systemic risks?

What does the speaker predict for the insurance industry's earnings in 2020?