Grupo Catalana Occidente allocates 20 million euros to interest-free advances on the invoices of more than 20,000 providers affected by Covid-19

"The advance payment to 900 small-scale lessors is another initiative in place to alleviate the financial difficulties of its providers"

Grupo Catalana Occidente will allocate up to 20 million euros to advance the invoice payments of its providers affected by Covid-19 in Spain. The insurance group's objective is to help these professionals who are going through tough times in terms of capital, as a result of the halt in activity in place to contain the outbreak.

Specifically, this measure will be able to benefit self-employed professionals and small and medium-sized enterprises who regularly collaborate with the Group by providing services to its customers, such as home repairs; claim settlements; automobile services in Autopresto workshops or doctors. In total, some 22,300 professionals will be able to request an advance of up to 25% of their annual turnover in 2019, to be paid back in 12 months, interest-free and with a grace period until October.

'These professionals play a fundamental role in the insurance activity. For this reason, Grupo Catalana Occidente wants to support them in these difficult times, giving them the liquidity they need, as without them, we would not be able to continue being a benchmark of quality and excellence in service provisions', according to CEO of the Grupo Catalana Occidente, Ignacio Álvarez.

At this time, the company is still carrying out all urgent repair services, taking the measures needed to ensure that these professionals are protected. There is also the possibility to carry out claim settlements over videoconference to streamline the procedure.

Furthermore, Grupo Catalana Occidente has committed to bring forward the payment dates established with the lessors of around 900 premises that the Group rents.

More than 22.65 million euros to deal with Covid-19

In recent weeks, the Group has driven various initiatives to help tackle Covid-19. Among the measures designed to alleviate the financial situation of customers, an extension for the payment of bills has been made available for those who need it. As well as contributing 2.27 million euros to the charity fund of the insurance sector, created to protect the lives of healthcare professionals who are on the front line against the outbreak.

It has also donated 350,000 euros to the Spanish National Research Council (CSIC), with the aim of driving research into a future vaccine against COVID-19. The group has also promoted the launch of 'Beat the Vid', an innovation platform that seeks to unite efforts within the healthcare ecosystem to respond to the current challenges caused by this epidemic.  It has also joined Save The Children to help 100 families whose situation has worsened due to the COVID-19 crisis, as they can no longer benefit from the food provided by school canteens and the accompaniment of teachers.