Business interruption: Maaf pays hoteliers and restaurateurs 270 million USD

The mutual insurance company Maaf, a member of the Covéa group, paid a compensation of 223 million EUR (270.258 million USD) to hotel and restaurant owners for about 14 600 Covid-19 related business interruption cases.

110 million EUR (133.311 million USD) of the initial sum was paid under the contracts of BPCE IARD, a joint venture held by Covéa with Natixis Assurances.

The mutual insurance group now estimates the business interruption losses to reach 290 million EUR (351.456 million USD).