Allianz: EU governments must protect insurance industry

by David Masters

Story link: Allianz: EU governments must protect insurance industry

Allianz has warned that government help would be needed if a European insurer collapsed.

Helmut Perlet, Chief Financial Officer of the Germany-based insurance group, said that although the collapse of a European insurer cannot be ruled out, such an event is ‘very unlikely’.

Asked if the state should intervene if an insurer collapsed, Perlet said, “That should be answered with a yes.”

He went on to qualify his answer by clarifying that a state rescue is only necessary if the collapse of an insurer would otherwise ‘trigger a chain reaction’.