German insurers cut terror coverage

26th August 2004, Comments 0 comments

26 August 2004 , BERLIN - Leading German life insurance companies are cutting coverage against terrorism by barring payouts in case of an attack with weapons of mass destruction, a report said Thursday. So far the German market leader Allianz, as well as Axa and Neue Leben have inserted clauses into new life insurance, disability and accident policies saying no funds will be paid after attacks with nuclear, chemical and biological weapons, said the Frankfurter Allgemeine Zeitung newspaper. Already existing

26 August 2004

BERLIN - Leading German life insurance companies are cutting coverage against terrorism by barring payouts in case of an attack with weapons of mass destruction, a report said Thursday.

So far the German market leader Allianz, as well as Axa and Neue Leben have inserted clauses into new life insurance, disability and accident policies saying no funds will be paid after attacks with nuclear, chemical and biological weapons, said the Frankfurter Allgemeine Zeitung newspaper.

Already existing policies from the three companies remain unchanged by the move and include coverage for death or injury in case of such attacks, said the newspaper.

DPA

Subject: German news

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