Goering: No. I don’t even dream of refunding the insurance companies the money. The companies are liable. No, the money belongs to the State. That’s quite clear. That would indeed be a present for the insurance companies. You’ll make a wonderful Petidum there. You’ll fulfill your obligations, you may count on that.
Kerl: It seems that in one respect, we’ll have to arrange this somewhat differently. As far as the glass insurance goes, the fact of the matter is that the owners of the buildings will definitely have to be paid for the damage, as stipulated. The majority of these companies, with the exception of one Joint Stock Company in Cologne, are all very small reciprocity companies [Gegenseitsvereine]. They won’t be able to make up for the damage. We’ll have to find out how far they are covered by reinsurance which I cannot tell at the moment.
Hilgard: In this connection, the re-insurance plays a relatively small role, except for the large fire insurance policies taken out by department stores. There is not reinsurance in the glass insurances, for the simple reason that, under normal conditions, glass insurance is one of our best branches in the insurance business; and therefore does not need reinsurance. I have to add, though, that the amount of this damage is approximately twice as high as the amount of damage for an average year. It makes all our calculations wrong and completely wipes out our chance for a profit.
(Interrupted by Kerl)
No, Sir, that is the way it is. The whole premium of the German glass insurance amounts to $14,000,000, if I am not wrong. Under normal conditions it amounted to 4 or 5 million. The glass insurance is our greatest asset. So far, the greatest profits were made in it. But now, the amount of this damage is alone twice as high as the amount for one ordinary year. With the various special glass insurances, it is altogether different.
Goering: One moment! 4 to 5 millions normally. Twice as much would be about 10 million. You suggested 14 million. There are still 4 million left.
Hilgard: We’ll also have to pay for the expenses. No, it is a very great catastrophe for us. Let me point out that the damages in the whole of Germany, in my estimation, shall amount to approximately 25 million mark. I wanted to be careful.
Heydrich: We estimate that the damage to property, to furniture and to consumer goods, amounts to several hundred million; although that includes the damage the Reich shall suffer from loss of taxes – sales taxes, taxes on property, and on income. I assume that the Minister for Finance too, has been informed on all this.
V. Krosick: I have no idea about the extent.
Heydrich: 7,500 destroyed stores in the Reich.
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