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‘Jobs are on the line’: Call for insurers to pay business interruption claims

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The Financial Sector Conduct Authority has slammed companies for deliberately avoiding payouts, saying action will be taken against insurers who continue to treat customers unfairly.

CAPE TOWN - Insurance Claims Africa said it was critical that insurers pay out business interruption claims amid the coronavirus pandemic.

Many in the hospitality and tourism industry have been battling for payouts, with insurers claiming it's the lockdown, not the actual pandemic, causing the losses.CEO Ryan Woolley said not paying out the claims had a potential knock-on effect on their clients. “There are jobs on the line in the tourism and hospitality sector. Their livelihoods are at stake. There is a need for urgent financial resolution.”

 

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Market conduct regulator sides with businesses in battle against short-term insurersThe Financial Sector Conduct Authority has slammed insurers who are using the national lockdown as a reason not to pay claims under business interruption policies
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