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Tag Archives | business

finance

United Kingdom Test case on Business Interruption Claims – SA High Court ruling cited

The Without Prejudice website recently published an article, written by Christine Rodrigues and Keryn Layton-Mccann of Bowmans, on the UK’s Financial Conduct Authority (FCA) efforts to obtain legal clarity on whether insurers are liable to pay out claims related to the Covid-19 outbreak. “This test case, therefore, seeks to ascertain whether, without considering complex factual […]

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lawyer

Contingent Business Interruption – FSCA seeks declaratory order

Further to previous publications by the Financial Sector Conduct Authority (FSCA) on the problematic issue of Contingent Business Interruption (CBI), the Authority has now published details of its letter to non-life insurers on the matter. The insurers have expressed concerns with regard to “…arbitration proceedings, the ambit of existing court proceedings and rulings and possible […]

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surveyresults

Business Interruption Claims Update – Old Mutual to offer settlement option

A Fin24 report notes that Old Mutual has joined the other major insurers who opted to either provide interim financial relief or come to a settlement agreement with their business interruption customers. The insurer estimated that about R650m for financial settlements and business interruption claims have already been submitted by its clients. However, financial settlements […]

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Fit&proper

Interim relief for Business Interruption claims – Insurers provide details after FSCA intervention

Decisive action by the Twin Peaks Authorities saw the hard-nosed stance by non-life insurers make way for a more practical approach to the issue of business interruption claims in the hospitality industry. On Friday, the FSCA published an updated version of its stance on the matter: “The Financial Sector Conduct Authority (FSCA) and the Prudential […]

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moeny

OUTsurance outmanoeuvres opposition – pays out Business Interruption claims

An article in Moneyweb titled OUTsurance pays out Covid-19 business interruption claims notes that the direct insurer, contrary to its counterparts on the intermediated side, will be paying such claims from clients that have extended cover for infectious diseases. The group has set aside a reserve of R220 million for such claims. “OUTsurance has paid business […]

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