Allianz raises its Storm Bernd claims payout estimate by 22%

German insurer Allianz SE has raised its gross loss estimate for Storm Bernd that hit Europe in July by 22% to €1.1 billion ($1.3 billion), Artemis reported. The insurer initially estimated €900 million in losses from the storm and resulting floods, with net losses of approximately €400 million after the activation of its excess-of-loss reinsurance tower.