The French insurance sector has pledged $200m to the government's fund to help companies deal with coronavirus (COVID-19) crisis.
Insurance lobby French Insurance Federation (FFA) said its members are committing to contribute $200m to the Solidarity Fund set up by the public authorities to support micro-enterprises and the self-employed, sectors that have been particularly affected by the economic, financial and social consequences of the Covid-19 virus.
Florence Lustman, president of the French Insurance Federation, said: "In this unprecedented global health and financial crisis, insurers' priority is to continue to work in order to provide their customers with the best possible protection. Insurers are committed to being part of the national solidarity movement, alongside the public authorities, to come to the aid of the most vulnerable people and businesses. Everybody has a duty to join this movement of national unity so that together we can emerge from this crisis as soon as possible".
Insurers are committed to being part of the national solidarity movement, alongside the public authorities, to come to the aid of the most vulnerable people and businesses"
Earlier this week, the French finance ministry called on insurers to develop an insurance product that would help cover major health risks in the future.
The FFA's members are also committing to defer rental payments for SMEs and micro-businesses belonging to one of the sectors in which activity has been suspended under the order of 15 March 2020.
In addition, as a measure of solidarity with vulnerable people (those with a long-term health condition and pregnant women) who are certified unfit to work under the derogatory procedure put in place by Social Security, insurers will pay the daily sickness benefit under their insurance contracts.
France has reached 16,707 coronavirus confirmed cases. The country has reported over 860 deaths so far while the number of recovered Covid-19 patients stands at around 2,200.