Smaller businesses are being prioritized by the state insurer two months after the riots in KwaZulu-Natal and Gauteng that looted, destroyed and burned companies.
The Treasury and SA Special Risk Insurance Association (Sasria ) said that claims amounting to over R5.8 billion have been paid so far.
All claims below R1 million are to be settled as quickly as possible and in full to settle. said the companies.
Sasria said it was determined to settle 80% of all claims between R1m and R30m by the end of October.
It has started to make interim payments for major damage and is intended to ensure that at least 30% of the total damage value is paid for major damage over the next few weeks.
“Sasria has teamed up with industrial partners and reached an agreement that the damaged property would rather be rebuilt than make cash compensation payments. We will be working with claims experts and industry to ensure that the buildings are rebuilt. ”
The government, as the sole shareholder of Sasria, is committed to insuring the company’s last resort to enable Sasria to meet all policyholder obligations.
The Treasury has announced that Sasria will p> 3.9 billion End March 31, 2022.
“The Treasury, through regular contact with Sasria, is aware that additional government support will be required and is therefore working closely with Sasria to address the real need for financial support to determine “, it said. “The final additional support depends on how quickly Sasria can close the total claim amounts.”
It is expected that the additional support identified in the latest optional equipment will be substantiated in the 2022 budget.
Currently, according to the Ministry of Finance, Sasria has sufficient reserves, also through its reinsurers, to meet all valid claims.