Old Mutual Namibia says its accepting business interruption claims that it considers valid under the respective policy conditions, based on its own legal interpretation.
The insurance giant, although tight-lipped on the exact amount paid out to date, said it was in the process of concluding and settling the remainder of the claims after a thorough assessment carried out by its technical assessors on each of the claims that it has received.
“We have been working closely with our key brokers to obtain the relevant information from our mutual clients who enjoyed the relevant business interruption cover. Due to the complexity involved in the assessment of the validity and quantum, business interruption claims usually take a long time to finalize. However, our specialist claims team has been committed to doing whatever it takes to resolve these claims as speedily as possible,” Riaan Vermeulen, Old Mutual Short-Term Insurance Managing Director said.
“Through, to date it has paid out sizable sums in interim-and final settlements on valid business interruption claims. Old Mutual Namibia is now in the process of concluding and settling the remainder of the claims based on the expiry of the respective Indemnification Periods.”
He said the insurance company throughout the COVID-19 crisis has prioritized to ensure that it considers and pays valid claims.
““We have always had an appreciation for the incredibly difficult time our clients and their businesses experienced. We remain sympathetic towards the ongoing challenges and difficulties that our customers are facing due to COVID-19 related restrictions and the impact thereof, “Vermeulen said.
The pronouncement by the Old Mutual, comes as Gondwana Collection Namibia dragged Hollard Insurance Namibia to court, accusing the insurance company of dragging its feet with regards to the payment of up to N$638 million in a business-interruption claim.
Old mutual South Africa has paid over R650 million in business interruption claims.
