Insurer Guardrisk offers to settle with up to 700 virus-hit firms

South Africa’s fourth largest non-life insurer Guardrisk has opted to settle with up to 700 small business clients who are fighting its decision to reject their claims related to the impact of a coronavirus lockdown, the firm told Reuters.

The country’s insurers, in line with the industry globally, have declined to pay out under business interruption policies that many firms thought would give them cover because they argue lockdowns were not included in the policies.