The part played by the corporate sector in reparations

The attempt at providing material reparation for the victims of the Nazi regime was one of the most pressing tasks facing the new German state. It was also a gigantic challenge for German society.

All sectors of industry, and thus also Allianz, had to come to terms with the claims and demands of the victims of political persecution and economic pillage. Specifically, they addressed the interests of former Jewish employees, or treated Jewish former owners of "arianized" property and Jewish owners of life insurance policies.

For restitution procedures Allianz calculated the actual value of a life insurance policy which had been confiscated by the National Socialist state

Only few claims for reparation were filed against Allianz on the basis of unpaid life insurance policies. The main reason was that most policies of Jewish policyholders had been cancelled by their owners in the 1930s. Allianz had paid the surrender value and the policies were thus terminated.

Policyholders that had to cancel their contract because they were persecuted by the Nazis had a right to be compensated by the Federal Republic. Policies that had not been surrendered by 1941 were confiscated by the Nazi state. After confiscation the insurance companies had to pay the surrender values to the financial authorities.

On the other hand there were several claims for compensation against Allianz resulting from "Aryanization". For the most part these claims were clarified in the 1950s and '60s. For example in 1949 the son of Else and Julius Basch, who was living in New York, claimed the restitution of a residential and commercial property, which Allianz had purchased from Vermögensverwertung München. Allianz and Else und Julius Basch's son agreed on a compromise settlement. Supplementary to the price paid in 1940 the insurer paid him the sum of 1.1 million marks.

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