Ma Afrika Tikkun Endowment Trust. South Africa. Login Register Login with Facebook. Ma-afrika Investments. About Us. Search companies…. Edit Ma-afrika Investments. Top Businesses. Evaluations of Ma-afrika Investments:. To evaluate this company please Login or Register. Other search results for: Ma-afrika Investments. By Given Majola Nov 22, Santam said it believed the court erred in its judgment on the causation, insured peril, the trends clause and the indemnity period.
It said the significance of the CBI matter to the insurance industry and the precedents at stake necessitate continuing to the next stage in the process of obtaining legal finality. The judgment ordered the insurer to pay Ma-Afrika for the impact over the entire policy period of 18 months without limitations.
Absa Asset Management investment analyst and associate portfolio manager Cornette van Zyl said the ruling was complex. Van Zyl said would be difficult to quantify the exact impact on the short-term insurance industry in South Africa. It also relates to a technical legal issue, as some contracts include wording that could possibly result in a claim for CBI, should an infectious disease pandemic occur.
Van Zyl said would be difficult to quantify the exact impact on the short-term insurance industry in South Africa. It also relates to a technical legal issue, as some contracts include wording that could possibly result in a claim for CBI, should an infectious disease pandemic occur. Obviously when these policies were written, the likelihood of a pandemic like Covid19 seemed very remote. It said these had been taken on appeal with decisions expected late in or early in Santam said its catastrophe reinsurance would limit the net cost of contingent business interruption claims.
The insurer said it had increased its net CBI claims provision by R1. It said the increase was mainly due to the Ma-Afrika judgment in favour of the insured and the different view taken by the court regarding the indemnity period applicable to the CBI extension.
As a result of the judgment, Santam said it has raised its continuing business claim provisions by a further R1. The matter is complex, however, and Santam said it will take some time to finalise the extent of its exposure. Santam said in a statement that it believes the Western Cape High Court erred in its judgment regarding causation and the insured peril, and the term of indemnity, and is therefore seeking leave to appeal to a higher court.
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