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ICA pleads with insurers to make COVID-19 relief payments

Following an agreement with industry regulators, more insurers have started making pay-outs to clients with business interruption insurance. It's an interim measure while insurers go to court in search of legal certainty.

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CAPE TOWN - A body helping with COVID-19 related insurance claims said it would continue to talk to regulators in a bid to get more insurers on board with relief payments.

Following an agreement with industry regulators, more insurers have started making pay-outs to clients with business interruption insurance. It's an interim measure while insurers go to court in search of legal certainty.

These claims were still the subject of court matters after insurers were reluctant to honour the policies because, in their view, the damage was caused by government’s lockdown and not the actual COVID-19 pandemic.

Insurance Claims Africa (ICA) represents over 700 tourism businesses in their fight to get insurers to pay out their business interruption claims.

CEO Ryan Woolley said of the businesses it was representing only about 200 were benefitting from current relief measures.

“We are definitely going to be engaging with the FSCA and the Prudential Authority to say those that haven't offered relief are not following your instructions...what will the FSCA do or the PA do to assist?”

Even though more insurers were coming on board to offer interim relief payments or settlements with some business interruption policyholders.

These measures were mainly aimed at small and medium-sized enterprises and larger corporations have, for the most part, been left out.

ICA has joined forces with a hospitality group in their litigation against Santam. That court case is due to be heard in the Western Cape High Court next week Tuesday.

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