The Financial Sector Conduct Authority said on Thursday that insurers cannot use the lockdown as an excuse to reject business interruption cover claims. As many other geographies are also trying to get clarity on whether Covid-19 lockdowns should be covered by business interruption insurance, SA is arguably ahead of the curve. The financial instability argumentIn SA, there is also the element of some insurers choosing to cover lockdown claims. Bam said players like OUTsurance have paid out business interruption claims because the quantum of these claims directed at them is more manageable. Specialist in public loss adjustment, Insurance Claims Africa (ICA), said claims of the 500 clients it represents alone were in the range of R3 billion to R4 billion.

Source: News 24 July 10, 2020 19:07 UTC