Fourways Mall Receives R82 Million Payout from Insurers

For years, many South African businesses have battled their insurers over business interruption claims related to the COVID-19 lockdown. For the co-owners of the iconic Fourways Mall, that fight has finally ended—with a substantial, but far from full, payout.

The story began back in 2020, as the pandemic and subsequent lockdown restrictions choked the life out of retail businesses. Like many others, the owners of the Fourways Mall—listed company Accelerate Property Fund and its partner Azrapart—found their rental income streams decimated. They lodged an insurance claim for over R1 billion, seeking compensation for their losses.

However, the insurers, including AIG and Old Mutual Insure, initially refused to pay. Their argument? The policy did not cover infectious diseases like COVID-19, and they even raised issues over unpaid premiums.

A key court ruling
But the mall’s owners took the fight to court. In a critical High Court ruling in May 2024, the judge sided with the mall owners on several key points. The court confirmed that their policy did, in fact, include infectious disease cover, a major victory that significantly strengthened their hand.

Despite the legal win, a lengthy appeals process loomed. With Fourways Mall facing ongoing financial difficulties and co-owner Azrapart entering business rescue, a deal was the most pragmatic path forward. In September 2025, the parties announced an out-of-court settlement.

Accelerate Property Fund received R82.5 million, representing its 50% share of the claim. While a fraction of the original R1 billion, the settlement is a significant cash injection for the struggling property fund. It also serves as another landmark in the complex saga of pandemic-era insurance disputes in South Africa, proving that persistence can pay off, even if not to the full extent you’d hoped.