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BISAN - Update on Contingent Business Interruption Claims
SANTAM LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1918/001680/06
Company code: BISAN
(“Santam” or the “Company” or the “Group”)
UPDATE ON CONTINGENT BUSINESS INTERRUPTION CLAIMS
Santam will commence the process of assessing and processing claims for all commercial policies with
contingent business interruption (“CBI”) extensions in addition to those covered by its Hospitality &
Leisure (“H&L”) division.
This announcement covers the total base of Santam’s 4 000 commercial clients with CBI policy
extensions that cover contagious and infectious diseases. Santam previously announced (refer to
Santam’s JSE Limited Stock Exchange News Service (”SENS”) announcement “Update on contingent
business interruption claims” released on 4 January 2021) that it would commence the process of
assessing and processing claims for policies with CBI extensions in its H&L division that had been
specifically affected by recent court judgments. This impacted 1 300 clients in this division. Large
Corporate policies in the Santam Specialist Business will be handled on an individual basis due to their
bespoke and complex nature.
Santam made the decision to include the claims from all commercial policies with CBI extensions after
further analysis and consideration of recent court judgments.
Santam remains committed to resolving the outstanding matter relating to the indemnity period in
policies written by the H&L division. The Company is appealing the judgment of the Western Cape
High Court in the case between Santam and Ma-Afrika Hotels (Pty) Ltd and Stellenbosch Kitchen (Pty)
Ltd (the “Ma-Afrika judgment”) with respect to the length of the indemnity period. This matter only
relates to the H&L clients.
The potential outcome of an appeal against the Ma-Afrika judgment relating to the indemnity period
and the extent of Santam’s reinsurance recoveries may still impact Santam’s assessment of the
estimated net CBI claims. This could result in significantly higher or lower actual claims.
Santam will provide a more detailed update of its performance when it releases its audited results
for the year ended 31 December 2020 on or about 4 March 2021.
Bellville, Cape Town
25 January 2021
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 25-01-2021 09:00:00
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