AXA Warns Of 'Material Impact' Of Virus On 2020 Results

Law360, London (May 6, 2020, 3:15 PM BST) -- French insurer AXA said it expects the COVID-19 crisis to have a "material impact" on its full-year results, primarily because of claims for business losses and canceled events as a result of restrictions ordered by governments across Europe.

AXA said In its first-quarter results, which it reported late Tuesday, that it expects claims to reach the "mid triple digit" millions of euros, based on an estimate of events being canceled for six to 12 months.

The company said it is too soon to put an estimate on the impact to the balance sheet from business interruption insurance, saying it had received...

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