Sasria to settle July unrest claims by October, says Masondo
The South African Special Risk Insurance Association (Sasria) has reiterated that it has sufficient reserves to pay all valid claims from the July unrest.
The Insurance association is paying businesses to fix damages incurred during the July unrests in parts of Gauteng and KwaZulu-Natal.
To date, over R5.8 billion have been paid to businesses.
Sasria’s managing director Cedric Masondo says Treasury will provide the insurance association with an additional R3.9 billion.
“Almost 100% of claims notifications have been received and they are in the process of loss adjustment, All claims below R1 million to be settled and paid in full quicker, and the Agent companies are working extremely hard to make sure that these claims are paid as quickly as possible.
“Sasria is determined to settle 80% of all claims between R1 million and R30 million by the end of October,” Masondo said in a statement.
Masondo added the company will attend to all outstanding reports and made necessary payments in the next two weeks.
“Sasria has engaged with industry partners and reached an agreement that the damaged properties will rather be rebuilt than do cash in lieu payments. Collaborative work with loss adjusters and the industry will be done to ensure that the buildings are rebuilt.”
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