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Axa offers settlements to French restaurants for Covid-19 losses



Axa has offered settlements totaling € 300 million ($ 365.6 million) before reinsurance to 15,000 French business break restaurants, following their closure to minimize the spread of Covid-19.

The move followed disputes between Axa and French restaurants since the pandemic broke out, with some high-profile court settlements benefiting policyholders.

Axa France said that the "fixed and final lump sum" will be made to the policyholders of its standard policy with increased protection for companies interruption losses for "administrative closure."

Axa said that it "regrets the misunderstanding with some of our restaurant customers" over policy formulations, but added that it stands by its argument that the policy does not cover "collective administrative closures." [1

9659002] Axa said that the cost of settlement after tax and reinsurance is expected to be offset by "favorable development in 2021 related to Covid-19, in France and Europe." [19659002] The conciliation offer covers closures announced by the government on 14 March 2020 and 29 October 2020. It is expected to be open to policyholders until the end of September 2021.

everyone can look ahead and focus on restarting economic activity. Such a major initiative is unparalleled for Axa France, says Patrick Cohen, CEO of Axa France.

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