Sasria says looted businesses such as Fashion Fusion on Pinewalk centre, KwaZulu-Natal have been paid R5.8 billion so far. Image via Twitter.
Sasria: R5.8 billion paid to looted businesses in KZN and Gauteng
The South African Special Risk Insurance Association (Sasria) says over R5.8 billion has been paid to looted businesses in KZN and Gauteng.
Sasria says looted businesses such as Fashion Fusion on Pinewalk centre, KwaZulu-Natal have been paid R5.8 billion so far. Image via Twitter.
Over R5.8 billion have been paid to businesses that were affected by the July lootings in KwaZulu-Natal and Gauteng according to the South African Special Risk Insurance Association (Sasria’s).
Sasria said it is determined to settle 80% of all claims between R1 million and R30 million by the end of October 2021.
NATIONAL TREASURY TO ADD R3.9 BILLION
“Our discussions with National Treasury are in line with the desired determination of the best medium that can inject capital, as we look at how to be future-proof ready and acknowledge the lessons learnt during the unfortunate unrest in July,” said Cedric Masondo, Sasria’s Managing Director.
He said that The National Treasury has indicated that R3.9 billion will be disbursed to Sasria following the conclusion of the recently tabled Special Appropriation Bill Parliamentary processes.
This is intended to assist Sasria in meeting its obligations until the end of the current financial year which ends on 31 March 2022.
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MORE PAYMENTS TO BE MADE IN TWO WEEKS
“The National Treasury is aware, through regular engagements with Sasria, that additional government support will be required, and is therefore working closely with Sasria to finalise the actual financial support need. The final additional support is dependent on how swiftly Sasria can finalise the total claim amounts. It is expected that the additional support which has been flagged in the recent special appropriation will be concretised in the 2022 Budget,” said Masondo.
Sasria said it has started paying interim payments as proposed by Loss Adjusters on all big claims (above R30 million), and are determined to make sure that at least 30% of total claim value for big claims is paid in the next couple of weeks.
“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,” the company said.
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