AXA said on Tuesday (May 26) it would meet the bulk of claims from some restaurant owners after a Paris court ruled last week the French insurer should pay one owner two-months' worth of coronavirus-related revenue losses.The ruling on a disputed contract was seen as opening the door to a wave of similar litigation.
AXA also said it would provide a further 500 million euros (US$546 million) in aid for small companies. AXA planned to compensate business interruption losses to the majority of restaurant owners whose contracts were similar to the one studied by the court. These contracts represent less than 10 per cent out of total contracts with restaurant owners.
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