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ZURN - Zurich Insurance AG News Story

CHF315.7 8.2  2.7%

Last Trade - 07/04/20

Sector
Financials
Size
Large Cap
Market Cap £38.26bn
Enterprise Value £42.90bn
Revenue £55.85bn
Position in Universe 18th / 1042

UPDATE 1-Germany to repay customers of insolvent Thomas Cook

Wed 11th December, 2019 11:05am
(Recasts with confirmation)
    FRANKFURT, Dec 11 (Reuters) - Germany will give financial
assistance to customers hit by the insolvency of Thomas Cook
because the tour operator's insurance cover has proved
insufficient, it said on Wednesday.
    "Damages that are not compensated by other parties will be
settled by the federal government," it said in a statement,
confirming a report by broadcaster ARD.
    Insurer Zurich's  ZURN.S  liability is capped at 110 million
euros ($121 million) but it has already registered claims worth
250 million and experts estimate total claims will reach 300
million to 500 million euros, ARD said.
    A legal opinion commissioned by Zurich concluded that state
liability is possible because the German government 
inadequately implemented a 2015 EU directive meant to ensure
customers get their money back in the case of the insolvency of
a tour operator, the report said.
   ($1 = 0.9073 euros)

 (Reporting by Thomas Seythal in Berlin and Arno Schuetze in
Frankfurt; Writing by Madeline Chambers in Berlin; Editing by
Clarence Fernandez and David Clarke)
 ((arno.schuetze@thomsonreuters.com; +49.69.7565.1197; Reuters
Messaging: arno.schuetze.reuters.com@reuters.net))
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