Santam CEO: Lockdown claims had a huge impact, and we’re not sure how big the liability can get
Santam awaits the outcome of a court decision on the liability period for business interruption claims before insurers and hospitality players will know the full quantum of claims. With the issue under dispute, court processes will now dictate how long it will be before the issue is finalised.
Santam has set aside a R3 billion technical reserve for lockdown-related claims. But CEO, Lizé Lambrechts says it’s all based on an assumed quantum of claims which the company is not sure about yet.