Economy & Politics

France: maximum pressure on the insurance sector

Jacques de Peretti, Chairman and CEO of Axa France.

The French Minister of Economy and Finance, Bruno le Maire, urges the insurance sector to freeze the premiums of hoteliers and restaurateurs on pain, he argues, of “new taxes”. This is state blackmail denouncing the insurance players, who have contributed 400 million euros since March to the SME support fund.

In total, the individual and collective measures of the companies represent 3.8 billion euros of commitments.

“It is scandalous to have to undergo such blackmail,” Jacques de Peretti, CEO of Axa France, protested in an interview with Le Parisien, published on the newspaper’s website on Saturday evening. The French financier is threatening to pass an amendment by the Senate calling for an “exceptional contribution” from the insurance sector in the form of a 2% contribution on non-life insurance premiums. According to the profession, such a measure would cost 1.2 billion euros to insurance companies who will have to pass it on, at the end of the chain, to their policyholders.

The industry is regularly singled out for operating losses not covered by many policies. Several related complaints are filed against insurance companies in French courts.

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