Terrorism reinsurance fund to help Parisian businesses
Thursday, 11 26 2015, Category: Insurance and Reinsurance, Country: France
Parisian businesses struggling after the Nov. 13 attacks are likely to be able to make successful insurance claims, helped by a state-backed fund set up in the wake of the Sept. 11 2001 attacks in New York.
The carnage in Paris could spur demand for insurance against terrorism, as French hotels, department stores, and sports and concert venues face cancellations and fewer customers.
Those shops and restaurants in the areas cordoned off by police for investigations are expected to be affected the most.
However, the Gareat co-reinsurance pool, set up in 2002, which is provided with unlimited state-guaranteed cover through the CCR (Caisse Centrale de Reassurance) fund, will help insurers pay claims from businesses.