Allianz Sees Damages Worth Tens of Millions for German Vineyards
- Many have seen entire 2024 harvest wiped out by heavy frost
- Vineyards in the country’s southwest particularly hard hit
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Insurer Allianz Agrar AG expects to pay German winemakers tens of millions of euros in insurance claims this year after many vineyards lost their entire harvest to heavy frosts.
While mild weather earlier in the year helped shoots to develop sooner, freezing temperatures in late April caused many of them to die. The Allianz SE unit said in a press release Monday that it was the most severe frost event in over 40 years, and may result in claim payments “in the double-digit million range” for customers. It’s still in the process of assessing damages.