German insurer Allianz on Tuesday posted a 29% fall in net profit in the first quarter from a year earlier as the coronavirus outbreak slows business. The insurer had last month flagged the drop when it published preliminary figures, and it abandoned its profit target for the full year, blaming economic uncertainty amid the pandemic. Allianz is among a host of European insurers warning about their prospects as they face claims for business disruptions, canceled events and a lack of demand for car and travel insurance.
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