South African insurers News

S. Africa Insurers’ COVID-19 Payments May Be Too Little, Too Late, for Some Businesses

South African small businesses fighting rejected coronavirus-related claims said insurers’ offers of relief are too little too late for many and could leave some already struggling to survive with nothing at all. Insurers around the world have argued COVID-19 lockdowns …

S. African Insurers Bow to Policyholder Demands to Pay COVID Biz Interruption Relief

South African insurers are bowing to demands for the payment of losses that businesses suffered during the nation’s lockdown. Momentum Metropolitan Holdings Ltd.’s Guardrisk will make settlement payments to policyholders who submitted business-interruption claims for losses suffered when all but …

South African Insurer Santam to Pay Virus Relief to Clients with Biz Interruption Cover

South Africa’s largest property and casualty insurer will pay as much as one billion rand ($60 million) in relief to clients with business-interruption cover hit financially by the coronavirus pandemic. Santam Ltd. will begin making relief payments next week, mainly …

S. African Regulator Says Business Interruption Virus Claims Don’t Pose Systemic Risk

South Africa’s Prudential Authority expects that business-interruption claims linked to the Covid-19 pandemic poses little systemic risk to the insurance industry. The regulator is in talks with the country’s Financial Sector Conduct Authority and insurance companies on claims from policyholders …

South Africa Regulator Warns Insurers to Stop Broad Rejection of Virus Claims

A South African regulator warned insurers to stop broadly rejecting claims from businesses seeking to cover losses because of a lockdown to curb the coronavirus. “The Financial Sector Conduct Authority is concerned about the behavior of some insurers who are …

S. African Insurers Are Pushed to Pay COVID-19 Business Interruption Claims

Virus-related claims from just over 500 small South African firms battling insurers who have rejected them are worth up to 4 billion rand ($232 million), the firm representing the businesses has calculated. Loss adjustment firm Insurance Claims Africa (ICA) is …

Cape Town Drought Highlights Water Scarcity Risk to Vulnerable Cities Globally: UBS

Cape Town’s water crisis, which saw the drought-hit city come within 90 days of turning off the taps earlier this year, highlights the threats to South African companies from a repeat event and should serve as a warning to vulnerable …

Cape Town Hit by Worst Storm in 30 Years, Threatening Insurers’ Outlook

South Africa’s property and casualty insurers face an even tougher year than expected after Cape Town experienced its worst storm in 30 years and dozens of fires engulfed the region around the town of Knysna this week. The insurers, including …

PwC Concludes South African Insurers Seeking Technology Partnerships

South Africa’s biggest insurers are considering technology and telecommunications partnerships as they seek ways to improve earnings to counter increased competition and a slowing economy, according to PricewaterhouseCoopers LLC. “There are a few tie-ups being worked on,” Victor Muguto, PwC’s …