Insurance industries across the globe are witnessing an unprecedented surge in the travel related claims since the outbreak of the pandemic. Credit: Fran Boloni on Unsplash.

French insurance lobby French Insurance Federation (FFA) said that insurers would contribute up to $216mto the government’s fund to help companies deal with coronavirus (COVID-19) crisis.

Since last week, FFA has been in talks with the government over a plan to help businesses such as bars that are facing a drop in the activity or lockdown due to the outbreak in the country.

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According to the lobby, all insurance contracts covering companies exclude epidemics. Currently, the contracts cover business interruption, supply-chain breakdown, cancellation of events, etc.

The bars and restaurants, among other businesses, have been closed as the country resorted to a strict lockdown to combat the spread of the pandemic.

Earlier this week, the French finance ministry called on insurers to develop an insurance product that would help cover major health risks in the future.

Meanwhile, coronavirus cases in France have crossed 16,707.

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The country has reported over 860 deaths so far while the number of recovered Covid-19 patients stands around2,200.

The lockdown in the country is expected to be tightened in the coming days with the closure of most open-air markets.

Globally, coronavirus cases have touched 351,377 with 15,340 deaths. More and more countries are imposing lockdown in a bid to contain the outbreak.

Travel bans and tourist restriction have also caused huge financial loss to businesses across the world.