On 28 November 2019, Travel Insurance Consultants (TIC), a division of Santam Limited, withdrew its travel insolvency cover on South African Airways (SOC) Limited (SAA). At that time, TIC was concerned about the airline’s ability to continue operations due to funding limitations.
TIC would like to inform the market that, effective 14 February 2020, the company will be reinstating its travel supplier insolvency cover for SAA.
This comes after constant talks, which started in November 2019, between TIC, SAA and the legal advisors of the business rescue process. We are confident that the decisions taken during the business rescue process are in the best interest of stabilising SAA and that the majority of stakeholders will agree to a definitive plan that will ensure SAA’s future success.
TIC will maintain regular contact with the Business Rescue Practitioner and SAA to ensure that the decisions taken continue to meet our conditions of insurance cover.