French Insurer Axa Profits Soar Above Pre-Covid Level
Paris, Aug 2 (UrduPoint / Pakistan Point News - 2nd Aug, 2021 ) :French insurance giant Axa, which faces hundreds of lawsuits over Covid-19 claims, reported Monday a huge surge in net profits in the first half of 2021, well above pre-pandemic levels.
Axa has faced hundreds of lawsuits from restaurant owners accusing the insurer of trying to back out of its contractual obligations.
Most lawsuits so far have been successful.
Industry officials have said the offer was not nearly enough, amounting to on average just 20,000 euros each, far below the losses reported by many owners.
Alban de Mailly Nesle, the group's financial director, said that half of restaurants concerned have approached the group about a settlement.
Axa's clients sought relief via their policies that covered "administrative closures" for a variety of reasons, including health shutdowns.
Axa has denied the claims, citing a clause specifying that any order had to apply only to the individual restaurant covered, which excluded closures due to a generalised health emergency.
The company says some 1,500 suits have been filed so far.