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FSCA warns insurers against continued rejection of business interruption claims

A Cape Town eatery secured victory this week when it took its insurer to court for failing to pay out business interruption insurance claims linked to the COVID-19 pandemic.

Picture: 123rf

CAPE TOWN – The Financial Sector Conduct Authority (FSCA) has warned that it will take action against insurers which continue to reject business interruption claims.

A Cape Town eatery this week secured a court victory in this regard.

It took its insurer to court for failing to pay out business interruption insurance claims linked to the COVID-19 pandemic.

This type of insurance usually kicks in when a pandemic hits. However, some insurance companies have been reluctant to pay, arguing that the damage was caused by the lockdown and not the actual pandemic.

The Business Day has reported that firms are facing claims of around R4 billion from hundreds of businesses facing ruin as the lockdown grinds on.

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