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Axa France, Axa Group's French general insurance unit, will no longer reimburse ransomware payments when underwriting new policies, a company spokeswoman said, confirming a report.
The spokeswoman said in an email there is no impact on incident response expenses.
There are no plans to extend the policy beyond France, according to the spokeswoman.
Axa France has stopped writing new policies with ransomware cover while it waits for regulatory authorities’ position on the subject, according to the company.
Insurers have been trying to get a handle on the issue of ransomware as demands increase and are responding with higher rates and tighter coverage.