The Effect of COVID-19 on Business Interruption, Insurance Risk Defined and the New COFI Bill

Learn From The Masters

  • Prof. Daleen Millard is the author of several Juta publications including Juta’s Insurance Law Bulletin and Understanding the Conduct of Financial Institutions Act and is the creator of Juta’s TCF Integrator for Short-term Insurance. Daleen lectured insurance law, interpretation of contract and law of delict at the University of Johannesburg and is currently a lecturer in insurance law and compliance at the University of Pretoria. She is an advisor to insurance companies on TCF and the use of plain language in client communications.

COVID-19 poses a wide-ranging series of challenges for insurers as they strive to maintain business continuity. Businesses that have been adversely affected or that have faced closure as a result of the pandemic turn to their insurance policies for business income or business interruption coverage.

In this Juta Learn from the Masters episode Insurance law expert Professor Daleen Millard enlightens us on the operational and economic implications for the insurance sector and what longer-term trends such as the COFI Bill and the newly released Conduct Standard for Banks will hold for the future. She discusses the following themes:

  • Business interruption: What insurance covers
  • Interpretation of ‘Comprehensive Cover’ and ‘All Risk’ Insurance
  • Policyholders’ rights to claims instituted
  • Insurance companies’ rights in terms of payments of claims in lieu of Vis Majeure
  • The introduction of the Conduct of Financial Institutions (COFI) Bill and its impact on insurance companies vs the Twin Peaks model on Financial Regulation in South Africa
  • The Conduct Standard for Banks and the requirements for ensuring the fair treatment of financial customers


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