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COVID 19: €600 million to support our customers and the French economy

Along with all other Crédit Agricole Group entities, Crédit Agricole Assurances has been committed, since the very start of the pandemic, to helping its customers face this unprecedented health crisis, and to reaffirming its role as a socially responsible insurer, investor and company.

It is therefore stepping up its support for the different operators impacted by the crisis via:

  • An unparalleled support scheme of more than €210 M for all policyholders who have taken out comprehensive professional insurance with business interruption cover (i.e. more than 50,000 professional and agricultural policyholders)
  • A €47.5 M support scheme for healthcare professionals, with €45 M allocated to policyholders who have taken out a comprehensive professional insurance policy with business interruption cover (i.e. nearly 30,000 policyholders), and a €2.5 M solidarity fund for healthcare personnel mobilized to combat the spread of the epidemic.
  • A €38.4 M contribution to the solidarity fund set up by the public authorities in support of small office/home office organisations (SOHOs) and the self-employed in sectors hit particularly hard by the crisis, notably cafés, hotels and restaurants.
  • A €250 M investment package to support economic recovery and strengthen the healthcare sector in France.
  • A €5 M contribution to promote the solidarity initiatives for our senior citizens announced by the Crédit Agricole Group.

COVID 19: €600 million to support our customers and the French economy

Support measures for our customers:

 

1. professionals and small businesses weakened by the crisis

- Implementation of a support scheme topping €210 M for all policyholders who have taken out comprehensive professional insurance with business interruption cover (i.e. more than 50,000 professional and agricultural policyholders)

- A €47.5 M support scheme for healthcare professionals, with €45 M allocated to policyholders who have taken out a comprehensive professional insurance policy with business interruption cover (i.e. nearly 30,000 policyholders), and a €2.5 M solidarity fund for healthcare personnel mobilized to combat the spread of the epidemic.

- A €38.4 M contribution to the solidarity fund set up by the public authorities in support of SOHOs and the self-employed in sectors hit particularly hard by the crisis, notably cafés, hotels and restaurants.

- A premium payment break granted to businesses, in association with the distributing banks, which can also propose other cash-flow solutions.

- A more general commitment to maintain the coverage included in corporate and professional policies in the event of late payment due to the pandemic.

- As a lessor, and in consultation with the main lessors’ associations, suspension of any legal proceedings in the event of late payment, measures to cancel three months’ rent for commercial SOHOs subject to closures due to the health crisis, and measures to stagger or adjust rents on a case-by-case basis.

La Médicale – the Crédit Agricole Assurances subsidiary dedicated to healthcare professionals – has also extended its Professional Liability insurance coverage to policyholders and retirees for the practice of telemedicine and for any acts they are required to perform that fall outside the scope of their usual duties in their fight against the epidemic.

In addition, Crédit Agricole Assurances is actively contributing to the industry’s efforts, in conjunction with the Ministry of the Economy and Finance, to create a future insurance scheme covering major COVID-19-type health risks. 

 

 2. for our retail customers:

- Home/automobile insurance: facilitating the practice of teleworking and integrating lockdown-related constraints (third-party liability for teleworking applicable to the policyholder’s address – main residence or second home – without prior declaration; extension of the scope of coverage of certain automobile insurance guarantees).

- Remote medical consultation service available 24/7 for all 420,000 beneficiaries of Crédit Agricole Assurances’ top-up health insurance policies. Each beneficiary is entitled to ten free remote consultations.

- Coverage of daily allowances for vulnerable people placed on sick leave under the exemption procedure provided for by the Social Security system, amounting to €40 million. 
 

 

Exceptional measures in support of SMEs/intermediate-sized enterprises

- In response to the impacts of the crisis on the healthcare sector, Crédit Agricole Assurances – a major player and a leading investor in this market – will invest €100 million as part of the support programme for SMEs/ intermediate-sized enterprises set up by French insurers (in the industry’s overall investment programme of at least €1.5 billion in support of SMEs and intermediate-sized enterprises in the healthcare sector). 

- Crédit Agricole Assurances has also allocated €150 M to a fund for equity investments in developing SMEs in the health sector.

- Crédit Agricole Assurances is thus consolidating its role as a major investor in France’s healthcare sector, with €3 billion in assets in the health and ageing sector.

 

Exceptional measures to support society

- Maintenance of our employees’ salaries and avoidance of short-time working measures, in line with the Crédit Agricole Group, in order to reduce the burden on public spending and reserve these provisions for the most vulnerable people.

- Employee support schemes: provision of support and counselling services for employees (social worker, counselling and psychological support service available 24/7, “Responsage” support platform for caregiving employees, and free remote medical consultations via “Ma Santé”, Crédit Agricole's health application).

- €5 million contribution to Crédit Agricole’s dedicated fund for financing basic necessities for the elderly, in order to keep them safe and help them stay in touch with their loved ones.
 

 

« As an insurer and investor, it is our responsibility to protect our most vulnerable customers and to help them get through this unprecedented health and economic crisis. By mobilising €600 million, Crédit Agricole Assurances has reaffirmed its commitment and usefulness to its customers and society”, states Philippe Dumont, Chief Executive Officer of Crédit Agricole Assurances. »
Philippe Dumont, CEO of Crédit Agricole Assurances

 

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