Old Mutual’s Iain Williamson gives updates on R4bn COVID-19 cover

It has been just over a week since Old Mutual announced its R4 billion cover for healthcare practitioners working during the COVID-19 pandemic. Since then, there have been several cases of healthcare workers contracting the virus, leading to unfortunate circumstances. Old Mutual's interim CEO, Iain Williamson, joined CNBC Africa for an update on how the cover has been utilized and the key details surrounding it. Williamson explained that there have been a few claims under the cover, despite not all being directly related to COVID-19. Tragically, the claims included healthcare workers who have passed away in recent weeks. The cover extends to various healthcare professionals, including ambulance assistants, nurses, and medical professionals. It is not a traditional policy or product that requires individuals to pay premiums. Instead, membership organizations such as the Health Professional's Council of South Africa, the South African Nursing Council, and the Democratic Nursing Organization have been identified as eligible for coverage. In terms of how individuals can access the cover, Williamson mentioned that the process has been streamlined for simplicity. Families of frontline healthcare workers who need to make a claim simply need to contact Old Mutual. Contact details and a fact sheet outlining the cover's specifics are available on the company's website. Additionally, an email address has been provided for inquiries. Despite the economic uncertainty brought about by the pandemic, Old Mutual has signaled its financial resilience by maintaining its dividend payout. Many companies have chosen to withhold dividends to preserve cash in light of the ongoing crisis. Williamson affirmed that Old Mutual's strong balance sheet allows for the continued payment of dividends, with the next payout scheduled for early May. As for ongoing legal matters, including the litigation with Peter Moyo, Williamson confirmed that there have been no significant developments. The Supreme Court of Appeal previously ruled in favor of Old Mutual, and there have been no further steps in the legal process. Similarly, regarding the recruitment of a permanent CEO, the board is actively engaged in the process, and an announcement is expected once the selection is finalized. Overall, Old Mutual's R4 billion COVID-19 cover serves as a crucial safety net for frontline healthcare workers in South Africa, providing financial protection and support for those risking their lives during the pandemic. Despite the challenging circumstances, the company remains committed to supporting its stakeholders and navigating the uncertainties of the current economic landscape.