AXA France offers £300m BI settlement to restaurants

The settlement offer is expected to be open from 21 June until 30 September 2021

Axa’s French arm announced it has made a €300m (£258.9m) settlement offer for the 15,000 restaurant owners who hold its ‘standard policy’ with extended coverage for business interruption losses linked to administrative closure.

In a statement, Axa France said the proposed settlement indemnity is intended to cover an amount equivalent to 15% of the turnover of catering activity, over the periods covered by the administrative measures precluding admission of the public, announced on 14 March 2020 and 29 October 2020, and subject to duration and amount limits provided for by the contract.

The settlement offer is expected to be open from 21 June until 30 September 2021, with clients invited to liaise with their usual AXA representative.

In the statement it added that it “remains convinced” by the “clarity” of the guarantees of the contracts concerned, which do not cover collective administrative closures, however, in the “light of the current uncertainty”, the “amicable solution” aims to allow “everyone to look to the future”.

Patrick Cohen, CEO of AXA France, said: “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.”

He added: “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.”

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