Old Mutual Insure has joined several other short-term insurers in agreeing to pay small and medium enterprises (SMEs) with business-interruption policies that lost business due to the Covid-19 lockdown.

The group estimates it will have to pay more than R650m in settlements. SA’s largest short-term insurer, Santam, estimates it will have to pay R1bn for this, while Hollard Insurance and Guardrisk said they would make payments.

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