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European insurers agree to $25 million Holocaust settlement

Date: Fri, 15 Aug 03 Analysis

LONDON, UK - Three of Europe's main insurance companies have announced details of an agreement to provide an extra $25m towards honouring claims from relatives of Holocaust victims.

Under the terms of the agreement, Zurich Financial Services, Winterthur and AXA have negotiated with the Eagleburger Commission to conclude any legal action from relatives seeking to recover unpaid life insurance policies on those who died in the atrocity.

The Eagleburger Commission was initially established in 1998 to resolve allegations that some insurers improperly failed to honour claims filed by Holocaust survivors or the heirs of those who died under Nazi oppression.

The insurers have declined to provide information as to how the contributions were split.

Under the settlement, the companies promise to 'undertake a reasonable search effort and publish the names of any policyholders who may have been Holocaust victims on the Eagleburger Commission's website.'

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