SA’s largest short-term insurer, Santam, pledged R1bn in relief for small and medium-sized leisure, hospitality and nonessential retail businesses as the insurance industry pushes back against paying out claims related to Covid-19 business disruptions.
Santam said in a statement on Sunday that it would pay up to R1bn in relief to policyholders who have the contingent business interruption extension in their policy cover, with payments expected to start in the first week of August.
Insurers came in for criticism for rejecting business interruption claims as the virus wreaked havoc across industries, with small and medium-sized businesses being the hardest hit. An estimated 3-million jobs have been lost. "While the interim payment could provide some relief for these businesses, it will be critical to understand what this relief will entail," CEO of Insurance Claims Africa Ryan Woolley said.
"It is clear from the statement that regulatory authorities were also deeply concerned about the long-term reputational damage that insurers’ unconscionable behaviour is having on the insurance industry.
Source: News Formal (newsformal.com)
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Santam to begin relief payments for virus-hit firmsSince the lockdown was implemented, insurers have rejected business-interruption claims
Source: BDliveSA - 🏆 12. / 63 Read more »
Land invasions endangering housing projects of R1bn in Cape Town
Source: IOL - 🏆 46. / 51 Read more »
Santam to begin relief payments for virus-hit firmsSince the lockdown was implemented, insurers have rejected business-interruption claims
Source: BDliveSA - 🏆 12. / 63 Read more »
Source: ewnupdates - 🏆 30. / 53 Read more »
Unlocking survival in lockdown: People reinventing themselves to pay the bills
Source: IOL - 🏆 46. / 51 Read more »
Source: City_Press - 🏆 7. / 72 Read more »