Allianz : It is important to collaborate with our customers on flood protection

In view of the increasing loss potential due to climate change, it is increasingly important to ensure risk-appropriate pricing. For underwriting, pricing and risk assessment, Allianz uses a combination of multiple, highly detailed hazard maps and high resolution models (up to 5m) from public sources or developed by third parties and in-house. The assessment also takes into account details of the insured properties (e.g. insured value, building characteristics such as the availability of a basement, etc.).

So-called "secondary perils", e.g. floods, hail or forest fires, generally occur more frequently, but on average cause less severe accumulation losses than hurricanes in the USA, for example. Even if the level of influence of climate change is uncertain , Allianz expects an increase in events and losses, particularly for floods and forest fires. Allianz therefore invested in models for these risks at an early stage and uses over 20 flood models, for example. Five of the top 10 scenarios modeled by Allianz are such "secondary perils" (hail Australia and Germany, and flood Australia, Germany and UK).

Allianz is therefore also working with scientific partners such as the Karlsruhe Institute of Technology in order to better assess the impact of climate change on these hazards and constantly improve the risk models accordingly.