Allianz Ireland sees 72% dip in profits due to COVID-19 BI claims

German insurer Allianz SE’s Irish unit reported a 72% year-on-year drop in profits to €12.3 million ($14.5 million) in 2020, as COVID-19 related business interruption costs weighed on its performance, The Irish Times reported. The effects of increased BI costs on the insurer’s business was partially offset by reduced motor claims, as the pandemic led to travel restrictions that translated into reduced travel and fewer claims.