AXA Group’s French division owns 15,000 restaurants with professional multi-risk, SME multi-risk, and corporate multi-risk policies of insurers with expanded coverage for business interruption losses associated with administrative closures in France Announced a € 300 million settlement proposal to the people.
“We are confident in the clarity of the guarantees of the contracts involved, which do not cover collective administrative closures, as the Bordeaux Court of Appeals admitted this week,” AXA France said in a release. .. However, “in the light of current uncertainty, friendly solutions are aimed at enabling everyone to look to the future,” he said.
AXA France, which also mobilizes distribution networks as part of a “clear financial solution,” said the amount will allow restaurant owners to fully focus on post-crisis recovery through fixed and deterministic lump sum payments by insurers. I did. The settlement proposal is scheduled to begin on June 21st.
“AXA has played that role during the pandemic, acted responsibly, supported hundreds of thousands of customers and contributed significantly to financing the economic recovery,” said Patrick Cohen, CEO of AXA France. Declared. “I regret the misunderstanding with some of the restaurant’s clients, especially given that the sector was hit particularly hard during the hygiene crisis.
“Finally, the restaurant is back in service and we are working to help you look to the future and focus on resuming economic activity. Such a large initiative is a precedent for AXA France. This is implemented nationwide with the support of the team by 3,000 affiliated agents and all distribution partners. “
According to AXA France, the proposed settlement compensation is equivalent to 15% of catering activity sales during the period covered by administrative measures, excluding public admission, announced on March 14 and October 29, last year. Is intended to cover. The term and amount limits set by the contract apply.
“The settlement costs (after tax and reinsurance) are expected to be offset by the strong developments associated with COVID-19 in France and Europe in 2021,” the AXA Group added. It was.
Large-scale reconciliation with restaurant owner AXA
Source link Large-scale reconciliation with restaurant owner AXA