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Business

Hurricane Katrina to Cost Allianz Millions

German insurance giant Allianz said Friday that it expected losses related to Hurricane Katrina to cost it up to 470 million euros ($580 million) but that it was nevertheless sticking to its full-year profit targets. Together with losses related to the floods in Europe last month, Allianz faced a total bill from the two natural catastrophes of around 500 million euros before tax, said Andreas Schell, the head of the group claims team, in comments published on the company's website. "We are confident that we can handle this impact without any serious consequences for our profit targets," Schell added.

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