SCOR withdraws from the French Insurance Federation

scorThe SCOR group is leaving the French Insurance Federation (FFA), the major organisation of the sector.

The reinsurer disapproves of the procedure adopted by the FFA to finance the 400 million EUR (448.678 million USD) solidarity fund. Initially worth 200 million EUR (224.339 million USD), the fund was brought up, in a second stage, to 400 million EUR (448.678 million USD).

Its aim is to support the companies affected by the coronavirus crisis. Munich Re (France), another major reinsurer on the French market, has also withdrawn from the FFA for the same reasons as SCOR.

For the record, SCOR has already paid its quota share of 2 million EUR (2.24 million USD) to support the fund.

Read also | Impact of coronavirus on the French insurance market

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