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Santam is making headway in settling business interruption claims originating from the Covid-19 pandemic, outgoing CEO Lizé Lambrechts said yesterday following the release of the group’s half-year results to end of June 2021.
One of the risks you run in any business is being sued for losses you cause to someone else. Although normally your risk of legal liability is linked to the claimant proving some form of negligence on your part (i.e. the onus is on the claimant to prove your negligence), there are exceptions.
Insurance giants Santam, Hollard, Old Mutual and Guardrisk have, between them, lost R944m after financial intermediary Insure Group Managers dumped the cash it collected from the insurers’ customers into its own investments, according to revelations by the Daily Maverick’s investigative unit Scorpio.
Richard Spoor Attorneys has launched an application at the Financial Services Tribunal to review the Prudential Authority’s decision to allow Constantia Insurance to cancel more than 5 000 life policies after it converted its licence from a short-term to a non-life insurer due to changes in legislation.
Old Mutual Insure has said it has made more than 300 payments totalling about R500m for contingent business-interruption (CBI) claims linked to Covid-19 since the onset of the pandemic, though it did not say how many total pandemic-related business loss claims it had received.
A Tsitsikama adventure business, Untouched Adventures, has filed notice in the Western Cape High Court to sue its insurance broker, PSG Konsult Limited, for R4.7m for negligence in failing to ensure the firm had business interruption cover that would have been triggered by the Covid-19 lockdown last year.
A recent decision of the SCA – which will have an important impact on SA’s insurers – centred on the rejection of an insurance claim on the basis that a person who was not the policyholder, provided false, incorrect or dishonest information to the insurer.
With a national death toll of more than 41 000 since March last year, life insurance companies have paid out hundreds of millions of rands in Covid-19 death claims.
Insurance group Santam says it has started the process of assessing claims related to contingent business interruptions due to Covid-19, including those previously rejected in the months after the national lockdown commenced in March.
In yet another setback for insurers, Old Mutual Insure has lost a case against a Cape Town retailer of luxury travel goods that took it on after it refused its business interruption claim following the closure of its flagship store at the V&A Waterfront and other outlets due to Covid-19 pandemic and subsequent lockdown.
A last-minute bid by Santam’s lawyers to have Guardrisk’s SCA Covid-19-related business interruption insurance hearing against Café Chameleon postponed so that it could join the appeal in the landmark matter, failed in the SCA yesterday.
SA's largest short-term insurer Santam has, as expected, decided to apply for leave to appeal last week’s decision by a full Bench of the Western Cape High Court that it is liable to pay a hospitality client its full Covid-19 business interruption losses, including those related to the lockdown.
A multimillion-rand litigation battle is brewing between insurance giant Discovery Life and a gynaecologist, who is headed to court on Friday.
A motorist with two million-rand cars was so irked when he found they were too expensive to qualify for a R505 bonsella that he submitted a formal complaint.
Hospitality group Ma-Afrika Hotels, together with Stellenbosch Kitchen and Insurance Claims Africa (ICA), are likely to wait at least a month for a ruling in the high-profile business interruption cover battle against JSE-listed insurance giant Santam, following the Western Cape High Court reserving judgment on the matter yesterday.
The Western Cape High Court is set to hear a watershed case today in which companies in the hospitality industry are challenging the rejection of insurance claims relating to losses incurred due to the Covid-19 pandemic.
The insurance industry regulator might yet follow the lead of its international counterparts and take a test case to the SCA to deal with the issue of business interruption claims once and for all.
It’s no surprise that our media has been awash with reports on the recent High Court judgment of Cafe Chameleon CC v Guardrisk Insurance Company Ltd (5736/2020)  ZAWCHC 65 around a restaurant’s business interruption cover claims.
Insurance giants Santam and Hollard announced over the weekend plans to offer interim relief to thousands of hard-hit small and medium businesses in the tourism and hospitality sector that have business interruption insurance policies with contagious and infectious diseases cover, says a Moneyweb report.
As expected, Guardrisk is to appeal the Western Cape High Court ruling that ordered the company to pay out the business interruption claims of Cape Town restaurant, Café Chameleon.