DURBAN - South Africans are already seeing a significant impact on their personal finances, wage cuts and retrenchments have led to many having to dip into their savings to make ends meet.
People experiencing more severe symptoms, potentially resulting in hospitalisation could experience further financial hardship, even forfeiting their income for a period.
Insurers are responding to the widening Covid-19 outbreak on multiple fronts;as claims payers, employers, and capital managers. Each has its own distinct challenges, not just for the insurance industry, but for the economy and society at large.
Martin Rimmer, the pandemic shield policy, provides a financial safety net w hen you are unexpectedly admitted to hospital after been diagnosed with the Coronavirus.
“This pandemic is going to be with us for the foreseeable future and could cause a great deal of financial hardship and stress. We have created an innovative insurance solution to provide a safety net for people who are hospitalised due to Covid-19,"
"Our Pandemic Shield policy is the first of its kind on the African continent, providing an affordable solution that pays out a lump sum stated benefit if the policy holder is hospitalised as a result of being positively diagnosed with Covid-19 or any other World Health Organisation declared pandemic illness in the future. The benefit trigger is a hospital admission longer than 48 hours,” he said.
Meanwhile, South Africa’s tourism sector, which was shut down by the imposition of a national lockdown due to Covid-19, has lost in the region of R72-billion,loss adjusters like Insurance Claims Africa have attempted to negotiate a compromise settlement with the big insurance companies. This is in recognition of the fact that the payouts might be quite big and in an effort to avoid a lengthy and expensive legal process.
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