Revealed: Volume of AXA’s ‘unclear’ COVID-19 business interruption contracts with restaurants

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Remember when a Paris court made headlines last month after it ruled in favour of a restaurateur in the policyholder’s business interruption (BI) claim with France-headquartered insurance group AXA?

Well, now it has been suggested hundreds more have unclear policies in relation to coverage against losses from the COVID-19 lockdowns. These restaurant clients have been identified, and AXA has moved to address the uncertainty.

In an interview with French publication Le Monde, AXA chief executive Thomas Buberl was quoted by Reuters as saying: “We have 20,000 contracts with restaurants, the vast majority of which do not cover operating losses

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In-N-Out Burger hits Zurich with lawsuit relating to nine-figure policy

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Zurich American Insurance Company is being sandwiched between a rock and a hard place, as it faces a lawsuit from Californian fast food staple In-N-Out Burger.

The burger chain is suing its insurer for breach of contract – the latest in a recent string of business interruption-related lawsuits following the lockdowns implemented in response to the COVID-19 pandemic.

California governor Gavin Newsom ordered all restaurants – including In-N-Out – to shut down dine-in operations in an attempt to stem the outbreak on March 17. Despite this, In-N-Out’s drive-thru lines remained open during the lockdown.

In its lawsuit, In-N-Out said that

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China Pacific Insurance to push through with London listing

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China Pacific Insurance is reportedly pushing through with its planned London listing via a Sino-British stock link scheme, despite the volatility in financial markets caused by the COVID-19 pandemic.

The Shanghai-headquartered insurer said it will issue 125.7 million units of global depositary receipts (GDR) in London, with Swiss Re as a cornerstone investor, Reuters reported. The company is looking to raise funds for its overseas expansion activities.

Swiss Re will purchase GDRs equivalent to up to 1.5% of China Pacific’s total number of ordinary shares, with a lock-up period of three years, the report said.

The Shanghai-London Stock Connect scheme,

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Asia’s storm season poses huge risk to grounded planes

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As storm season approaches for Asia, many airlines, airports and insurers in the region are likely to face an abnormal amount of losses, due to damage to the hundreds of aircraft grounded by the COVID-19 pandemic.

According to a report by Reuters, several major airports in storm-prone areas such as Japan, Hong Kong, Taiwan, Thailand, the Philippines, and India are now all but parking lots for planes, with flights almost at as a standstill due to COVID-19 travel restrictions.

“If you have got those aircraft on the ground, you can imagine to get them back up and running in a

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