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Insurance industry welcomes additional R11bn Budget allocation for SASRIA

12 November 2021 The South African Insurance Association (SAIA)

The South African Insurance Association (SAIA) welcomes the R11-billion allocation for SASRIA in the Medium-Term Budget Policy Statement presented to Parliament today by the Minister of Finance.

As the Minister noted, the R11-billion will support continuing efforts to settle valid claims arising from the riots and looting of July.

SAIA and its member companies from the non-line insurance industry continue to work very closely with SASRIA daily.

SAIA members, operating in terms of mandates authorised by SASRIA, are helping with assessment of claims on SASRIA policies and settling claims up to predetermined limits set by SASRIA.

So far, SAIA members have helped to settle in excess of 10 000 claims with payments of more than R 9.7 billion.

SAIA says that the non-life industry will continue to support SASRIA until all riot and related claims can be dealt with.

The association says insurers continue to manage and weather the impact of the Covid-19 pandemic, economic dislocation, and the political unrest.

SAIA believes that the non-life insurance industry, including SASRIA as one of its members, remains in a sound position and well able to pay claims.

Quick Polls

QUESTION

Are you shocked by Sasria’s 2022 rate increases, or is it expected given the sheer scale of the July 2021 rioting plus the ongoing increase in frequency and severity of protest losses?

ANSWER

Yes, I am shocked and so will my clients be shocked
No, it was expected
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