“This must not happen again”: the boss of Axa warns that insurers will not be able to withstand new weekends of violence

A warning after the scenes of chaos last weekend, and a few days before an “Act II” promised by “Yellow Vests” on Saturday October 24. Guest of BFM Business on Monday October 19, Thomas Buberl, CEO of Axa, warned of the financial consequences that could result from a repetition of violence and looting such as those that occurred on Saturday October 17 in several French cities. “Insurance can help with repairs,” he said, before warning: “If it happens once, we can help repair it, but if it happens again, insurance is no longer there to protect.”

While more than 3,000 businesses were affected by damage and looting last weekend, according to the Federation of Commerce and Distribution (FCD), the bill could reach several hundred million euros. Insurers are on the front line to compensate affected professionals and individuals, within the limits of the guarantees taken out. But the multiplication of such events could weigh on their financial balance and, ultimately, on the cost of contracts.

“We are all in the same boat”

“After this weekend, there is no second or third weekend that must happen like this,” insisted Thomas Buberl. For the boss of Axa, the responsibility for preventing further violence lies above all with the public authorities. “The State must really take its internal security mandate seriously,” he said, recalling that the French already pay taxes to be protected by the police.