Sanlam is preparing for a doubling in excess claims from surges in Covid-19 infections and the longer-term health effects of the pandemic in coming months.
South African insurer Santam Ltd said on Monday it will start processing claims for business interruption for all commercial policies that were affected by a coronavirus-led lockdown in April beyond just the claims under its hospitality and leisure division.
S. Africa Insurer Santam Begins Processing 4,000 Business Interruption Claims By Promit Mukherjee | January 25, 2021
JOHANNESBURG South African insurer Santam Ltd. said on Monday it will start processing business interruption claims for all commercial policies that were affected by a coronavirus-led lockdown in April beyond those of its hospitality and leisure division.
It will cover a total base of Santam’s 4,000 commercial clients who have claimed interruption to their business due to the lockdown, said Santam in a statement to the stock exchange.
“Santam made the decision to include the claims from all commercial policies with CBI extensions after further analysis and consideration of recent court judgements,” it said.
South Africa-based insurer Santam Ltd. has appealed the Western Cape High Court’s ruling on the insurance indemnity period for COVID-19 related business interruption losses, Middle East Insurance Review reported citing African News Agency. Santam has agreed to offer a full and final settlement to its hospitality and leisure clients for three months of losses irrespective of the fact that many policyholders have insurance cover for six to 18 months.