Insurers reluctant to pay out: expert

Insurance Claim Africa's CEO Ryan Woolley spoke with eNCA's Devan Murugan. Courtesy of #DStv403

JOHANNESBURG - Businesses claiming COVID-19 related payouts from insurers can expect a big fight ahead of them despite a Supreme Court of Appeal ruling which upheld a previous order that insurer Guardrisk, pays for the losses incurred by Café Chameleon, resulting from the lockdown.

Insurance Claims Africa said, although the ruling set a precedent, insurers won't back down on limiting payouts.

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The group represents about 750 companies seeking lockdown related payouts.

Insurance Claim Africa's CEO Ryan Woolley said, "the insurers are now reluctant to payers. They would try anything else that they can to try and limit their liability. One would be to try and limit the period that they pay for, the indemnity period and they would try and fight the quantum, to try and dispute the amounts that should be paid to these clients." 

Watch the video above for more details


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