AGF, the French subsidiary of Germany’s Allianz, announced it was offering an innovative new product to give individuals the opportunity to buy a policy “Garantie des Accidents de la Vie.” The policy would cover all non-work related activities, and would reimburse financial losses occasioned by untimely death or incapacity, all accidents (except automobile), partial disability (from 10 percent), and is valid throughout Europe for adults and anywhere in the world for children.
Designed to assure families that funds will be available in any type of emergency, the policy covers losses without regard to fault or third party actions. In a certain sense it combines life, health and casualty insurance in one package. At a cost of less than 75 francs (about $10) per month, the policy is available to families of even the most modest means.
AGF acted in response to several studies sponsored by the French insurance industry in which it participated. The findings revealed that more the 8 million people in France have some kind of accident per year, of which over 400,000 were found to have serious or prolonged consequences. The coverage fills a need for financial reimbursement of loss, which is neither covered by the state health insurance nor by workers’ compensation.
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