AXA (AXAF.PA) will meet the bulk of business interruption claims from some restaurant owners in France, it said on Tuesday, after losing a court case seen as a potential precedent for coronavirus-related disputes across the world.
A Paris court ruled last week that AXA should pay a restaurant owner two months of revenue losses caused by the virus pandemic. AXA had argued its policy did not cover business disruption caused by the health crisis.
Stephane Manigold, the owner of four Paris restaurants who brought the case against the French insurer, told Reuters that since the court decision his team had received calls from Britain, South Africa, Spain and the United States asking for details of his contract and the courts ruling.
“This decision in Paris has a global resonance,” he said.
A UK trade body, the Night Time Industries Association, which is also considering action against insurers, told Reuters the Paris case bodes well for their cause.