PARIS (Reuters) – French insurers are currently discussing investing $ 1 billion ($ 1.09 billion) in funds to help small and medium-sized businesses and healthcare companies recover from the effects of the coronavirus epidemic, the managing director from CNP Assurances (PA) 🙂 Reuters said on Friday.
Insurers were under pressure from the French government to develop a business support plan as most companies had no insurance cover for business disruption caused by the block.
Life insurer CNP Assurances and French lender Caisse des Depots are leading efforts to put the system into operation.
"During the discussions with la Caisse des Depots on the one hand and with the insurers on the other hand, we had the idea of setting up a joint investment program," Antoine Lissowski, managing director of life insurer CNP Assurances, told Reuters in a telephone interview.
Caisse des Depots will coordinate the program and bring in at least EUR 100 million as an investor, Olivier Mareuse, head of wealth management at Caisse des Depots, told Reuters in a separate interview.
The program consists of the reopening of NOVO, NOVI and NOVA funds that Caisse des Depots and insurers launched a few years ago because they were dedicated to SMEs and mid-caps and these companies would need help during the economic recovery.
Another part of the program would involve investments in the health sector.
"We saw during this crisis that private health investments need to be replenished," said Lissowski.
French insurers are considering further measures to support the economy, such as: B. Discounts on some contracts or donating more money to the state solidarity fund to help small businesses.
French insurance lobby FFA announced last month that insurers would contribute up to € 200 million to a government-run solidarity fund to help businesses cope with a significant drop in coronavirus crisis activity.
French insurers are considering adding another 200 million euros to the fund, according to Lissowski.
"The Solidarity Fund needs more contributions. It is necessary to get the money back from the claims that have not been made," French Finance Minister Bruno Le Maire told Radio Europe 1 on Friday.
($ 1 = 0.9205 euros)
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