Old Mutual Insure pays R500m for Covid-19 business claims
Old Mutual Insure has paid out 10% of the R5bn set aside for pandemic-related business claims
Old Mutual Insure says it has made more than 300 payments worth about R500m for contingent business interruption (CBI) claims linked to Covid-19 since the onset of the pandemic, though it did not say how many total pandemic-related business loss claims it had received.
That amounts to about 10% of the R5bn in provisions it has set aside to settle CBI claims linked to losses suffered by clients as a result of Covid-19 and the subsequent lockdowns. The R500m in CBI payments made by Old Mutual Insure included relief payments, interim payments and final payments to policyholders affected by the pandemic...