Non-life / General

14.9 billion reasons to pay riot claims

Any doubts over South Africa’s special risk insurer’s capacity to pay mounting civil commotion claims have been dispelled, thanks to an R11 billion lifeline announced by the Minister of Finance during the 2021 Medium Term Budget Policy Statement (MTBPS). This funding is in addition to the R3.9 billion announced by National Treasury earlier in the year.

Sasria’s update on claims and payments since the July unrest

The South African Special Risks Insurance Association (Sasria SOC Ltd) has so far received 100% of the 14051 claims , valued at R32 billion.

Shariah-compliant insurance in SA – what it is and the underserved market who await it

Muslims make up about three percent of South Africa's population of nearly 60 million people. This equates to 1,8 million Muslims. Looking ahead, and with South Africa being a delightfully diverse place in which to live and do business, this figure is only likely to increase over time – making it important that the industry’s service providers are able to serve the needs of the Muslim community when it comes to the provision of short-term insurance.

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