S.Africa's Old Mutual offers to settle with virus-hit firms

South African insurer Old Mutual said on Wednesday it would offer a settlement to small firms who are fighting its decision to reject their claims related to a coronavirus lockdown.

"We estimate that these financial settlements, combined with already submitted BI (business interruption) claims, will amount to over 650 million rand and will provide settlement for half of the customers with the infectious disease extension," the insurer said in a statement. ($1 = 16.5379 rand)