Non-life / General

Property covered by a short-term insurance policy likely to have Sasria cover

Business owners and individuals who had their property damaged or looted over the past week are turning to their short-term insurance policies in the hope that they are covered for the losses they incurred.

Insurer to fast track civil unrest claims to help rebuild SA

While Sasria, the public enterprise that provides non-life insurance cover for loss or damage to insured property caused by special risks such as politically motivated malicious acts, riots, strikes, terrorism and public disorders, has confirmed that it has sufficient cash reserves to honour insurance claims resulting from the current civil unrest, Auto & General Insurance has made the decision to fast track these claims in an effort to help its customers recover quickly.

SA riots: limitations on insurance claims

Your clients cannot expect JIT insurance cover

The civil commotion playing out across South Africa over the past few days highlights the need for local businesses to not only have commercial non-life insurance cover in place; but for them to frequently assess the risk on cover and the sums insured. Most broker-assisted businesses will have little trouble in meeting the aforementioned requirements, which is just as well given initial estimates of between R7 and R10 billion in damages claims following this unrest. Unfortunately, the uninsured and those who took short cuts around initial policy onboarding or renewal processes, could run into trouble. The message from the country’s large insurers is clear: Insurance is not like manufacturing… And you cannot take a just in time (JIT) approach to placing assets on cover.