Life insurance companies would have secretly kept 5 billion EUR

For several decades, life insurance companies may have been secretly keeping due sumspertaining to life insurance contracts but never claimed by beneficiaries. According to some sources, these sums are estimated at 5 billion EUR (7.02 billion USD). According to the law, insurers are required to deposit unclaimed sums in the retirement reserve fund. Yet, very few insurers comply with this obligation. The French Federation ofInsurance Companies (FFSA) reckons that such sums do not exceed 1 billion EUR( 1.4 billion USD).