The fire in the French cathedral Notre Dame is not affecting insurance industry as such. According to several media sources the Unesco heritage site was on the responsibility of the French Goverment.

 The German Handelsblatt wrote on Wedensday evening that the cathedral did not have insurance coverage and that the French Goverment is expected to pay the reconstruction expenses. This news was based on the information in the La Parisien newspaper.

 The estimate of the expenses is several billion euros. On the other hand there have been major donations to the rebuilding project and it is expected that the Goverment will launch a fund dedicated to the project. One of the major donations companies, the French luxury company Kering (KER) with the brands Gucci, Boucheron, Dodo and Saint Laurent, said that they do not want the tax relief related to their 100 million euros donation.

The major art treasuries in the cathedral were insured by the French insurer Axa (AXA) and major part of them are now placed in the Louvre museum. The share price of Axa closed today up 0,45% to 23,68 euros in Paris Stock Exchange. The share price of  the luxury company Kering was also up and the share closed up 0,86 % to 537,50 euros. The LVMH stock closed also up, 1,49 % to 350, 50 euros.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s