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Tuesday, August 4th, 2020

Band-aid for a bullet wound? Santam CEO: Here’s R1bn, but we’re still not liable for lockdown claims

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by July 28, 2020 Financial News

BizNews — Santam, South Africa’s largest short-term insurer, has been making headlines in recent months – for all the wrong reasons. Even after a precedent setting and significant court victory between a small Cape Town restaurant and Guardrisk, Santam has not budged on its stance that the lockdown is not covered under its policies. In this podcast, BizNews founder Alec Hogg speaks to Santam CEO Liz Lambrechts in an effort to try to understand the thoughts behind the insurance heavyweight’s decisions. Santamannounced at the weekend that it is setting aside R1bn for some of its clients, with the caveat that its bosses continue to believe it is on firm legal footing in repudiatingbusiness insurance claims. RMB Attorneys – a legal firm representing over 340business interruption claimants countrywide – have slammed this relief. – Nadya Swart …

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Author: BizNews The Daily Insider

This article was originally posted on BizNews.

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