GENRIC Insurance Company has stepped up to support the Government's Solidarity Fund. President Cyril Ramaphosa announced the creation of the Solidarity fund in his address on Monday 23 March in an effort to mitigate the economic impact of the coronavirus and the 21-day lockdown which commenced 27 March 2020.
The aim of the fund is to offer assistance to South Africans affected by the outbreak. The fund is independently administered and South African businesses, organisations and individuals as well as members of the international community can contribute to it.
“As an insurer that is committed to investing in and developing entrepreneurial businesses in the insurance sector, we are concerned about the impact that the virus and the lockdown will have on the viability of many South African SMEs. The negative impact is not only short-term but is likely to manifest over many months as the economy takes a beating. These are incredibly tough times and we understand the need to protect as many small businesses, and the employment they provide for thousands of South Africans. As GENRIC, we stand in solidarity with our private and public sector and all individuals in doing as much as we can to mitigate the disastrous consequences for our economy and society during these uncertain times,” explains MC du Toit, Chief Executive Officer of GENRIC Insurance Company.
“Our President and Government have taken decisive action to flatten the curve of this virus to save lives and limit, as far as possible, the devastating effects of the lockdown. As GENRIC, we want to play our role in ensuring that as many of our small businesses survive these turbulent times, or at the very least, have the support to get back on their feet and rebuild when this is over,” concludes du Toit.
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