Swiss insurer AXA expects to receive more than 2,000 claims related to the ongoing armed conflict in the Middle East involving Iran, with total costs likely to surpass 3 million Swiss francs ($3.75 million), local media reported on Tuesday.
The company has so far processed claims worth about 1 million Swiss francs ($1.25 million) and continues to handle a steady flow of new cases, Swiss daily Blick reported.
During the early phase of the conflict, AXA recorded a sharp spike in customer inquiries, reaching up to 300 additional requests per day in the first two weeks, according to the report. While volumes have since declined, the insurer is still receiving around 50 to 60 inquiries daily.
AXA warned that financial losses could increase further if the conflict persists or spreads, it said.
The situation also briefly boosted demand for travel insurance, with sales rising by 20% to 25% in early March before stabilizing.
Regional tensions in the Middle East have escalated since the ongoing US-Israeli offensive against Iran began on Feb. 28, while Tehran has retaliated with drone and missile strikes targeting Israel, Jordan, Iraq, and Gulf countries hosting US military assets, causing casualties and damage to infrastructure, also disrupting global markets and aviation.
