Swiss Insurers To Pay $50 Million to Holocaust Fund

May 11, 2000

Four Swiss insurance companies have pledged a total of $50 million to a Holocaust fund set up by Swiss banks in 1998 after negotiations with representatives of survivors and their descendants.

Swiss Re, Helvetia Patria, Rentenanstalt and Baloise agreed to the amount in settlement of claims made on policies issued before the Second World War to victims of Nazi genocide.

Neither Winterhur nor Zurich Allied joined in the settlement, as they already participate in the international commission which is supervising repayment of sums owed to survivors and their families.

The contribution will bring the total amount of funds available to $1.3 billion, but there have been complaints that funds are not being disbursed. An estimated 2.1 million accounts are involved, and man claims remain to be examined and verified.

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