Notre Dame reconstruction is not affecting insurance industry

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.

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Macron says Notre Dame will be rebuild in five years 

The French President Emmanuel Macron said today that the Paris cathedral Notre Dame will be rebuild within five years. He was speaking to the nation about the situation on Tuesday evening. On Monday vast part of the church was destroyed by a fire.

During the day there have been several annoucements about donations to the reconstruction of the cathedral. The sum is now more than 700 million euros. The first big donations were published by the leading luxury brands.

– Yes, we will build the cathedral of Notre Dame even more beautiful than it was. But this must be done in five years. We can do that, he said.

The fire lasted about 12 hours and according to Bloomberg, some of the major treasures were removed to City Hall, like the Crown of Thorns and Louis IX tunic and some others to Louvre. According to the Culture Minister Franck Riester it seems that the rose windows were not damaged. The cathedral is a 850 years old Gothic style Unesco heritage site.

The Paris stock markets closed up today, the CAC 40 up 0,36 % to 5528 points. The German DAX index closed also up, 0,67% to 12101 points. And London FTSE closed up 0,46% to 4092 points.

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