Sasria said that it had sufficient funds to meet all valid claims following the destructive July unrest that saw businesses in Gauteng and KwaZulu-Natal looted and torched, resulting in over 300 deaths and billions of rands worth of damage.
In a statement, the association said that it had made interventions in providing capital to businesses affected by the violence, with the government committing to stand in as its insurer as a last resort.
Treasury said on Monday that it would disburse R3.9 billion to the insurer following the conclusion of the Special Appropriation Bill parliamentary process.
Sasria’s managing director, Cedric Masondo, said that they met with National Treasury about financial assistance to businesses hardest hit by the July violence while using lessons from the period to be “future proof ready”.
The national insurer said that Treasury was aware that additional government support would be required and that this would be dependent on how swiftly Sasria was able to finalize the total claim amounts.
It said that it expected the additional support flagged in the recent Special Appropriation Bill would be actualized in the 2022 budget.
Sasria said that it had sufficient reserves, including through its reinsurers, to meet all valid claims, adding that while the parliamentary processes for additional government support was being finalised, it remained liquid and continued to trade as usual.
-EWN
In other news – Idols SA contestant sentenced to 10 years in jail
A one-time Idols hopeful has been sentenced to 10 years behind bars for trafficking drugs from Brazil into SA. Ibrahim Cook, who in 2014 won a golden ticket twice in the television contest to determine the best young singer in SA, was sentenced in the Verulam magistrate’s court last Thursday.
At the time Cook, who went by the names “Gordon Jordaan” and “Gordan Cook”, was described by Idols as the show’s “most cheerful contestant”. Learn More
