With the premium freeze for the hotel and catering industry, insurers see red

Bruno Le Maire posed an ultimatum by asking insurers to make “proposals”. The two camps must meet this Monday at the end of the morning.

The pressure on insurers is getting worse and worse… The CEO of Axa France, Jacques de Peretti, denounced Sunday in Le Parisien a “scandalous blackmail”, after the Minister of the Economy and Finance, Bruno Le Mayor, called on companies to freeze insurance premiums for hoteliers and restaurateurs on pain of a new tax. “It is scandalous to have to undergo such blackmail”, protested the president of the French group. “I had on the phone, last Monday, all of my European colleagues and such blackmail has never been practiced in any country, while the situation with regard to insurance and restaurant owners is the same”, affirms the leader.

The minister asked Tuesday for the freezing of insurance premiums for the hotel and catering industry, failing which the government will support a Senate amendment asking for an exceptional contribution from insurers. It aims to introduce a 2% contribution on premiums paid under non-life insurance contracts. This would represent, according to the French Insurance Federation, a charge of “1.2 billion” euros.

The tax deferred on the contributions of the insured?

“I am ready to ask the Assembly to find something more balanced (…), but on a very simple condition: that the insurers make a significant gesture”, Bruno Le Maire insisted last week on LCI. “This tax would be the worst thing for the recovery because we could not assume alone such a load and we would be obliged to defer it on the contributions of our insured”, warns Jacques de Peretti. In an attempt to find a favorable outcome to this problem, Bruno Le Maire issued an ultimatum by asking insurers to make “proposals”. The two camps are due to meet on Monday late morning to reach common ground.

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