AXA will inject one billion euros into its subsidiary XL

Posted on Nov 3, 2020 at 7:09 p.m.Updated Nov 3, 2020, 7:50 PM

AXA will have to bail out its XL major risks subsidiary, but says it is ready to cash in “Second wave”. The new confinements put in place in many countries to counter the comeback of the Covid-19 should only have one “Limited impact in terms of claims”, said the French insurer on Tuesday during the presentation of its third quarter turnover. For the heavyweight of European insurance, which welcomes a ” rebound” of its activity, the bill for the crisis for this year remains estimated at 1.5 billion euros.

Several factors explain this relative optimism. “Most of the big events (Editor’s note having had to be canceled) are held from March to September”, explained during a press conference Etienne Bouas-Laurent, the financial director. Often required to cover companies that have suffered losses due to the pandemic, the group has also found compromises and paid compensation supposed to be valid once and for all. And finally, it began an overhaul of its contracts to clarify the scope of its coverage and thus avoid any bad surprises in the future.

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