• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Tuesday, July 5, 2022
  • Login
  • Register
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

Axa France Launches Settlement With Restaurant Owners Over COVID-19 NDBI

Nwanne Ikemefune by Nwanne Ikemefune
June 10, 2021
in Insurance
0 0
0
0
SHARES
33
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Axa has launched a settlement offer to 15,000 restaurant owners in France with non-damage business interruption insurance. The insurer expects these settlements to be around €0.3bn before tax and reinsurance.

The proposed settlement is intended to cover 15% of the turnover of catering activity during lockdowns between 14th March 2020 and 29th October 2020. The settlement offer will be open from 21th June until 30th September 2021.

“Axa has played its role and acted in a responsible manner during the pandemic, supporting hundreds of thousands of customers, and making a significant contribution to the financing of the economic recovery. We regret the misunderstandings with some of our restaurant clients, especially given this sector was particularly hard hit during the sanitary crisis,” Patrick Cohen, CEO of Axa France said.

“As restaurants are finally allowed to welcome their customers again, we are taking this initiative so that everyone can look to the future and focus on the restart of economic activity. Such a large initiative is unprecedented for Axa France. It will be implemented throughout the country by our 3,000 tied agents and all our distribution partners with the support of our teams.”

Commenting on the settlement, RBC Europe said the impact to earnings is neutral for 2021. Settling will remove any uncertainty and likely create some goodwill with policyholders, it added.

“Elsewhere we would expect the primary insurers who are exposed to continued uncertainty on COVID-19 NDBI claims to have seen similar positive effects so far in 2021 with traffic levels running well below usual levels in Q121,” the bank stated.

“Axa has streamlined itself in recent years with a renewed focus on core markets, technical underwriting, and a reduction in financial market risks. The reduced exposure to macro risks was executed via the acquisition of XL and subsequent disposal of EQH for which Axa has seen little credit in its valuation in our view.”

Two questions remain following the news, according to analysts. The first the potential read across for reinsurers; the second the extent to which COVID-19 claims are behind us. RBC expects the tail risk relating to NDBI to be greater in Europe given non-standard wordings and exclusions there.

Source: www.cirmagazine.com By Deborah Ritchie
Previous Post

Sovereign Trust CSR Makes Igbobi College Students Insurance Friendly

Next Post

PTAD Gives AIICO Clean Slate On Legacy Funds

Nwanne Ikemefune

Nwanne Ikemefune

Next Post
PTAD Gives AIICO Clean Slate On Legacy Funds

PTAD Gives AIICO Clean Slate On Legacy Funds

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

April 3, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
ncrib logo

NCRIB And Universal In Pictures

August 23, 2020
How Strong Is The Reinsurance Sector Going Into 2021?

How Strong Is The Reinsurance Sector Going Into 2021?

349
Scib CEO Tinubu

Professionals Want Value Dimension Added To Enhance Compulsory Insurance

48
PenCom Trigger Lifts Transfer System Off The Starting Block With Split Responsibilities

Pension Funds Encounter First Waterfall

42
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

41
Road Sanity Bonanza: Nigerians To Be Rewarded For Good Driving

Road Sanity Bonanza: Nigerians To Be Rewarded For Good Driving

July 5, 2022
Inflation To Drive Insurance Protection Gap To New High In 2022: Swiss Re

Inflation To Drive Insurance Protection Gap To New High In 2022: Swiss Re

July 1, 2022
Nigeria’s Babajide-Agbeja Takes The Helm At Africa Insurance Brokers Association

Nigeria’s Babajide-Agbeja Takes The Helm At Africa Insurance Brokers Association

June 30, 2022
Africa And Asia Lead Emerging World On Climate Commitments

Africa And Asia Lead Emerging World On Climate Commitments

June 28, 2022

Recent News

Road Sanity Bonanza: Nigerians To Be Rewarded For Good Driving

Road Sanity Bonanza: Nigerians To Be Rewarded For Good Driving

July 5, 2022
Inflation To Drive Insurance Protection Gap To New High In 2022: Swiss Re

Inflation To Drive Insurance Protection Gap To New High In 2022: Swiss Re

July 1, 2022
Nigeria’s Babajide-Agbeja Takes The Helm At Africa Insurance Brokers Association

Nigeria’s Babajide-Agbeja Takes The Helm At Africa Insurance Brokers Association

June 30, 2022
Africa And Asia Lead Emerging World On Climate Commitments

Africa And Asia Lead Emerging World On Climate Commitments

June 28, 2022
AIO President Says Africa Low Insurance Penetration Is A Challenge To Overcome

AIO President Says Africa Low Insurance Penetration Is A Challenge To Overcome

June 28, 2022
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

National Insurance Commission Decommissions Standard Alliance Plc And Niger Insurance Plc

July 1, 2022
AM Best Upticks AIOs Strategic Initiatives

AM Best Upticks AIOs Strategic Initiatives

June 27, 2022
STI Pools Sport Laurels At NCRIB Maiden Lawn Tennis Tournament

STI Pools Sport Laurels At NCRIB Maiden Lawn Tennis Tournament

June 27, 2022
M&A

Merger & Acquisition Transactions Exceed £815bn In 2021

June 24, 2022
Enforcement Of Compulsory Insurances: Abuja Leads States Follow

Enforcement Of Compulsory Insurances: Abuja Leads States Follow

June 27, 2022
Preferred PenCom Logo

Q1 2022: RSA Transfer System Dips, Improving PFA operations Make Early Call

June 22, 2022
Universal Insurance Clinches 2022 Excellence In General Insurance Leadership Award

Universal Insurance Clinches 2022 Excellence In General Insurance Leadership Award

June 22, 2022
Ag PenCom DG

Capacity Building: PenCom X-rays CPS To States With Varied Low Dimensions On Start-Up

June 20, 2022
Image Spin: Financial Inclusion Engaged On All Fronts

NAICOM, Other Regulators Tell Nigeria’s Financially Excluded That Micro Policies Are Lifters And Soft Landing For Their Risks

June 19, 2022
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

Road Sanity Bonanza: Nigerians To Be Rewarded For Good Driving

Road Sanity Bonanza: Nigerians To Be Rewarded For Good Driving

July 5, 2022
Inflation To Drive Insurance Protection Gap To New High In 2022: Swiss Re

Inflation To Drive Insurance Protection Gap To New High In 2022: Swiss Re

July 1, 2022
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2020 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2020 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In