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


How confident are you that insurers treat policyholders fairly, according to the Treating Customers Fairly (TCF) principles?


Very confident, insurers prioritise fair treatment
Somewhat confident, but improvements are needed
Not confident, there are significant issues with fair treatment
fanews magazine
FAnews June 2024 Get the latest issue of FAnews

This month's headlines

Understanding prescription in claims for professional negligence
Climate change… the single biggest risk facing insurers
Insuring the unpredictable: 2024 global election risks
Financial advice crucial as clients’ Life policy premiums rise sharply
Guiding clients through the Two-Pot Retirement System
There is diversification, and true diversification – choose wisely
Decoding the shift in investment patterns
Subscribe now