AXA to pay out on thousands of BI policies for restaurants

AXA France has made an offer to settle thousands of non-damage business interruption policies with restaurants in France relating to enforced closures due to COVID-19.

The move is significant because a lack of clarity remains over whether it should settle the claims, pending judicial rulings.

AXA France said it was making the settlement offer to 15,000 restaurant owners in the “context of continuing judicial uncertainty”.

AXA estimates the cost of these settlements to be ca. €0.3 billion, gross of tax and before reinsurance. The cost of the settlements, net of tax and after reinsurance, is expected to be offset by favorable developments in 2021 related to Covid-19, in France and Europe, AXA said.

Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk

More on this story

Insurance

Reinsurers grapple with potential BI claims burden

6 May 2021 While reinsurer ratings are unlikely to be affected by claims stemming from COVID-19, there are many questions that need to be answered as to who will ultimately pay, Robert Mazzuoli of Fitch Ratings told Intelligent Insurer.

Insurance

COVID-19 reinsurance claims are part of a wider negotiation

6 May 2021 While clarity is emerging around COVID-related claims for insurers, it remains unclear what claims may end up hitting reinsurers. It could simply come down to a negotiation, Wendy Kriz of Barnett Waddingham told Intelligent Insurer.

Insurance

AXA France offers an olive branch to disgruntled restaurant customers

11 June 2021 AXA France has made a financial offer to its 15,000 restaurant customers whose business interruption policies did not pay out for business lost during the lockdown.

Generali revolution: insurance redrawn, asset management given wing

Allianz Commercial puts transformation guru atop digital trading & ALP

Allstate Q1 nat cat tally tames to $731m versus prior year slaughter

Markel promotes internal talent to head of terrorism in London

Marsh McLennan grows 9% in re/insurance broking lines, ups margin

New Lloyd’s coverholder Macquarie will write follow-form for Mosaic

Aegis raids AIG to rebuild cyber offer after eight-year hiatus

Munich Re shakes up P&C underwriting leadership across Asia & Africa

AXA to pay out on thousands of BI policies for restaurants

More on this story

Editor's picks

Editor's picks

More articles