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SA ruling on COVID-19 business interruption insurance influences UK regulator

28 July 2020

While South Africa’s courts and regulators often turn to foreign law for guidance, the roles have been reversed for once. In a test case for COVID-19-related business interruption insurance claims in the United Kingdom (UK), its Financial Conduct Authority (FCA) is being influenced by a recent court judgment in South Africa.

South Africa’s courts charged with untangling the business interruption riddle

14 July 2020

The highly charged question of whether business interruption (BI) insurance will pay-out due to a national lockdown has spilled over from the Western Cape High Court into the court of public opinion. On 26 June 2020, the court ruled in the matter between Café Chameleon CC and Guardrisk Insurance Company. It determined, or so the consumer media has written, that insurers must recognise lockdown as a trigger to pay-out claims against BI insurance policies with infectious diseases extensions. The court’s decision was soon followed by an apparently abrasive media release from the Financial Sector Conduct Authority (FSCA), which was widely picked up by the media to lambaste insurers.

Insurers ordered to pay out restaurant business interruption claim

13 July 2020

A recent High Court judgement has set a significant precedent and sent the hospitality industry reaching for the champagne bottles.

National lockdown will not serve as a trigger for your business interruption cover

01 July 2020

Small businesses hoping that their business interruption (BI) insurance would somehow perform for losses consequent to South Africa’s national lockdown were dealt a hammer blow last week, when the Financial Sector Conduct Authority (FSCA) stated that lockdown “could not reasonably be interpreted to be a trigger for a valid BI insurance cover claim”. Their Communication 34 of 2020, published 18 June, confirmed the regulator’s position on various aspects of BI insurance cover.

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The FSCA’s position on BI Claims

25 June 2020

Developments and issues in the construction and engineering insurance and reinsurance markets

23 June 2020

Hand Sanitiser poses new risk to retailers

10 June 2020

Insurers’ business interruption U-turn could lead to significant uptake in product

03 June 2020

A combination of policy wordings and legal precedent likely to determine BI claim outcomes

20 May 2020

The State of D&O Insurance in South Africa

18 May 2020

Fire Risks Amplified for Landlords

05 May 2020

Business interruption insurance… a different view?

23 April 2020

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Non-life / Commercial