Markets AreOverreacting to Threat of Coronavirus: Allianz CEO Baete
By Lucca de Paoli andSuzy Waite | February 26, 2020
Markets areoverreacting to the threat of the rapidly spreading coronavirus and the globaleconomy will only see a short-term impact, said the head of Allianz SE,Europe’s biggest insurer.
Chief ExecutiveOfficer Oliver Baete said the firm was more concerned about the safety of itsclients than any impact to its business, in an interview with BloombergTelevision in London. He compared the virus with a “strong flu,” saying ithadn’t yet become a pandemic.
“There’s a lot ofpanic at that moment that’s not warranted,” said Baete. “Short-term economicactivity will contract and it will have an impact on global GDP, but it’s notlike the world will end tomorrow.”
Heightened fearssurrounding coronavirus have roiled financial markets, with Asian stocksfalling Wednesday after a rout on Wall Street. The U.S. Centers for DiseaseControl and Prevention warned Americans to prepare for a potential outbreak athome, while mounting cases across the Middle East, Europe and Asia sparkedconcern the outbreak is widening into a pandemic.
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