Santam to process lockdown claims

Jo-Maré Duddy - Santam will commence the process of assessing and processing claims for all commercial policies with contingent business interruption (CBI) extensions in addition to those covered by its hospitality and leisure division, the South African insurer said in an announcement on the Namibian Stock Exchange (NSX) this morning.This announcement covers the total base of Santam´s 4 000 commercial clients with CBI policy extensions that cover contagious and infectious diseases, the group said.Santam earlier this month said it would commence the process of assessing and processing claims for policies with CBI extensions in its hospitality and leisure division that had been specifically affected by recent court judgments in South Africa. This impacted 1 300 clients in this division. “Large corporate policies in the Santam Specialist Business will be handled on an individual basis due to their bespoke and complex nature,” the group said.It continued: “Santam made the decision to include the claims from all commercial policies with CBI extensions after further analysis and consideration of recent court judgments.“Santam remains committed to resolving the outstanding matter relating to the indemnity period in policies written by the H&L division. The Company is appealing the judgment of the Western Cape High Court in the case between Santam and Ma-Afrika Hotels (Pty) Ltd and Stellenbosch Kitchen (Pty) Ltd (the "Ma-Afrika judgment") with respect to the length of the indemnity period. This matter only relates to the H&L clients.”Santam said the potential outcome of an appeal against the Ma-Afrika judgment relating to the indemnity period and the extent of the group´s reinsurance recoveries may still impact Santam´s assessment of the estimated net CBI claims. “This could result in significantly higher or lower actual claims,” it said.Market Watch has contacted Santam Namibia and is awaiting comment on how this morning’s announcement will impact businesses with similar claims locally.

Santam to process lockdown claims

Kommentaar

Republikein 2025-04-04

Meld asseblief aan om kommentaar te lewer

Santam to process lockdown claims

Kommentaar

Republikein 2025-04-04

Meld asseblief aan om kommentaar te lewer

MELD AAN

Advertensie