Outsurance is forking out for Covid-hit clients. Why aren’t the others?
Who cares if it’s a marketing ploy? At least one insurer hasn’t wriggled out of helping the hospitality industry
No one saw it coming.
As the hospitality industry reeled from the news that the business interruption (BI) policies, even those with “contagious disease” cover, would not cover their huge Covid-19 lockdown-related losses, Outsurance revealed that it’s been honouring those claims since April.
It has approved 135 so far, paying out R37m. The company has reserved R220m for the settlement of its business interruption claims — those that had the contagious disease extended cover, that is...