"We remain confident in our interpretation of our policy wording as it pertains to the CBI extension in our cover. However, we also realize that our clients need financial support urgently and that the ongoing court cases on the interpretation of the policy wording may be lengthy," said Lize Lambrechts, CEO of Santam, in a statement.
Virus-hit businesses in South Africa will receive some relief now that three insurers have agreed to pay policyholders for losses related to COVID-19 shutdowns, Bloomberg reported.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Heather A. Turner
Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].
