One year ago, the primary professional bodies and associations representative of the Paris Financial Centre (ASF-French Association of Financial Companies , AFG–French Asset Management Association, FBF-French Banking Federation, FFA-French Insurance Federation, France Invest- French association of private equity actors, Paris EUROPLACE and Finance for Tomorrow) announced new commitments to combat climate change and to further the goal of a net zero-emissions economy by 2050. Today, they have seized this occasion to review the actions taken thus far and those yet to come.

Exceptional because of its scale, the Covid-19 has highlighted the limits of the private insurance system, which is unable to respond to a systemic crisis without a specific system.
In order to learn lessons and find the resources to effectively support businesses faced with such events in the future, the FFA, at the end of April and in cooperation with the French Ministry of the Economy and Finance, set up a workgroup to sketch ideas for a future scheme.
As committed earlier to the government, the FFA today presented the conclusions of its work on a new system for protecting businesses against the economic consequences of a major event like Covid-19.

In order to give their insurance customers maximum support to deal with the consequences of the health crisis, insurers have taken a series of non-contractual measures totalling 1.75 billion euros, in solidarity with the populations and businesses most at risk.

The European social partners – which include representatives of both financial sector employers and employees, and of which Insurance Europe is a member – will continue supporting their customers and the European economy to the best of their abilities within government-set boundaries during the COVID-19 pandemic.