July Unrest Cost Insurer Sasria R5.8bn

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The South African Special Risk Insurance Association (Sasria) has paid out more than R5.8 billion in insurance claims related to the unrest that took place in July. Additional funds have since been given to the insurer to tackle the remaining backlog of claims.


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The South African Special Risk Insurance Association (Sasria) has paid out more than R5.8 billion in insurance claims related to the unrest that took place in July. Additional funds have since been given to the insurer to tackle the remaining backlog of claims.
Last month Sasria asked for an additional R3.9bn from National Treasury which would ‘strengthen the insurer's balance sheet. This relief comes as the cost of the July unrest that took place in parts of KwaZulu Natal and Gauteng continue to rise.
National Treasury says the R3.9bn will help boost the Sasria finalise the remaining backlog of claims that are yet to be finalised by the end of the current financial year. The announcement was made after the conclusion of the parliamentary processes with regard to the Special Appropriation Bill.
Sasria says they have received almost 100% of the claim notifications that were sent to them for consideration.
The insurer says their agents are working hard to ensure that all claims that amount to less than R1 million are finalised as quickly as possible. They have also promised that at least 30% of the total value of claims that are above R30 million are paid in the coming weeks.
In a statement released by Sasria they say “we would like to assure clients that we have added resources to reduce any possible delays in the processing of claim payments. We are confident that in two weeks, we would have attended to all outstanding reports and made necessary payments,”
Sasria's Managing Director, Cedric Masondo has called upon all their clients to maintain their payments with the insurer. He said, “Sasria continues to play a key role in the insurance industry. We urge clients to continue and maintain their policies with Sasria and would like to assure them of our determined resilience to maintain our excellent relations,”.
Sasria’s madate is to provide insurance for damage caused by riots, strikes, terrorism and public disorders. More than 300 people died during the instances of looting, violence and unrest in KwaZulu Natal and Gauteng.

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