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Shareholder activists grill Santam about 'business interruption insurance'

7 July 2020 6:47 PM

The lockdown did it – not the pandemic – so we can’t pay, argues Santam. Bruce Whitfield interviews Tracey Davies of Just Share.

An almighty battle is waging between businesses – particularly those in the decimated hospitality industry – and insurers.

Picture: 123rf

Many business owners took out “business interruption insurance” which specifically covers losses that include those suffered due to interruption by an infectious or contagious notifiable disease.

Covid-19 is just that.

However, most insurance companies argue that it’s the lockdown – not the pandemic – that is responsible for their clients’ business interruption.


Related article: You’re insured against Covid-19, not the lockdown – insurers to their clients


The Money Show’s Bruce Whitfield interviewed Tracey Davies, Director at non-profit shareholder activist organisation Just Share.

Santam’s AGM was an excellent illustration why electronic, virtual AGMs are not a substitute for in-person AGMs… it wasn’t well-structured or clear how questions could be asked. Those who did ask were shut down pretty quickly…

Tracey Davies, Director - Just Share

The court found unequivocally that Covid-19 is the cause, not the lockdown… In true South African fashion, Santam says it’s studying the judgment. It didn’t budge… an extraordinary gulf between Santam’s public words… and its stance towards policyholders.

Tracey Davies, Director - Just Share

… a massive company with very deep pockets - Santam today assured shareholders that, even it had to pay out these claims in full, it’s balance sheet will be fine… These companies must explain the gap between the PR and actual action on the ground.

Tracey Davies, Director - Just Share

Listen to the interview in the audio below.


7 July 2020 6:47 PM

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