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Insurer Aviva estimated the total payout it will have ot make because of covid-19 at £160m net of reinsurance. Aviva said the estimate was based on estimated claims in business interruption insurance, other commercial lines and travel insurance. The insurer said the coronavirus pandemic “provides unprecedented uncertainty” and “may adversely impact our results”.
A Paris commercial court has ruled that French insurer AXA will have to pay a restaurant owner two months’ worth of coronavirus-related revenue losses, the restaurant’s lawyer said on Friday. Stephane Manigold, who owns four restaurants in Paris, had filed a lawsuit to force Axa to cover his operating losses following a government order to close bars and restaurants from March 14 to slow the spread of the virus. “This is a collective victory,” he told Reuters.
Protection provider LV has introduced an option to reduce premiums for existing protection customers who are experiencing financial difficulty due to the coronavirus crisis.
The British Bankers’ Association Pension Scheme has completed a £95m bulk purchase annuity transaction with Aviva.