Hermès // 2022 UNIVERSAL REGISTRATION DOCUMENT

RISK FACTORS AND MANAGEMENT INSURANCE POLICY AND RISK HEDGING

4.2 INSURANCE POLICY AND RISK HEDGING

produce a material impact on profits to the insurance market. The Group insurance programmes represent most of the insurance coverage for the subsidiaries. They are placed via the intermediary of brokers who are amongst the 10 largest French brokers and with first‑rate insurance companies. The main international insurance programmes cover:

Since January 2020, the prevention and insurance department joined the audit and risk management department, demonstrating the desire to further strengthen synergies between risk and insurance. In line with the Group risk analysis, the Hermès Group’s policy regarding insurance is to transfer any exposure that is liable to

Type of insurance

Guarantees and limits of the main policies taken out

Property damage and business interruption

FM Global “All risks except” policy s Coverage of all Group sites: production, logistics, distribution, various premises and goods in all locations s Policy renewed for 2022 with the same coverage limit of €500 million and the same insurer s Policies subscribed for a period of two years from 1January 2021 with AIG and Liberty Mutual, in the amount of €100 million s Covers civil liability for damages to persons, property and intangibles caused to third parties in the conduct of business operations or by products s Policy taken out with Chubb and renewed for 2022 with coverage of €6 million per event, all cover combined s This policy was taken out with AIG Europe on 1January 2022 for a period of 36 months s Coverage limit of €15 million per claim and €25 million for the period s

General civil liability (operations and products)

Transportation

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Liability for environmental damage

policies cover data recovery, business interruption related to a security incident, civil liability and costs, including in particular defence and notification costs. In 2022, the Group did not suffer any significant losses. In addition, 56 prevention visits by the property and casualty insurer were carried out in 2022.

Other contracts have been subscribed to fulfil specific requirements, particularly in the context of building operations (new work or renovation) carried out as project managers. The Corporate Officer liability and cyber risk policies were taken out for a period of one year from 1January 2022, with AIG and Zurich respectively, as well as other well‑known insurers. These cyber risk

2022 UNIVERSAL REGISTRATION DOCUMENT HERMÈS INTERNATIONAL

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