Volkswagen scandal: The bill could be heavy for Zurich Insurance

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Zurich Insurance may be required to pay a significant sum following the discovery of fraudulent software installed on Volkswagen vehicles.

The German car company has underwritten a directors and dfficers liability insurance (D&O) with the Swiss insurer. The contract worth 500 million EUR (560.8 million USD) covers damage in case of non compliance by the leaders with their obligations.

Volkswagen estimates the scandal could cost it 6.5 billion EUR (7.3 billion USD), excluding the fines imposed by the United States that could reach 18 billion USD.

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Fri, 02/10/2015 - 12:52
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