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The case follows lawsuits lodged earlier this month against Travelers by the firm. -
The findings come as P&C carriers attempt to quantify the likely cost of coronavirus.
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The risk management body said there needed to be better co-ordination between national governments and backstop pools.
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Following a recent court ruling ordering the payment of BI losses for a restaurateur, Axa will now pay others with similar wordings.
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Law firm Edwin Coe rallies more policyholders seeking claims for BI losses.
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Carrier notes property policy BI does not usually Covid-19.
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The carrier will have to compensate a Parisian restaurateur for two months’ lost earnings.
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The lawsuit builds on prior findings by the state’s Supreme Court that coronavirus is a natural disaster.
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The insurance executive expects losses related to Covid-19 to exceed $100bn for the industry.
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Company management is prepared to lose local court battles but believes it will win appeals, analyst Larry Greenberg noted.
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Businesses across America would be eligible for direct payouts from federal government for three months under the plan.
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Director general Huw Evans defends carriers after insurers were branded ‘deplorable’.
