Axa proposes $300 million BI settlement for restaurants

Benjamin Serra, analyst at U.S.-based Moody’s Investors Service, Inc., said that the French insurer Axa SA’s proposed €300 million ($365.6 million) business interruption insurance settlement for restaurant clients in France would help reduce COVID-19 claims-related financial uncertainty, Reinsurance News reported. Axa has proposed the payout for 15,000 restaurant clients that have “standard policy” with extended coverage for BI losses related to administrative closure.

Source: Business Insurance