Insurance Claims Africa is recommending to the state-owned SA Special Risk Insurance Association that it urgently pay riot-related claimants 30% of their insured sum upfront.
to assist with a shortfall in capital needed to meet the estimated R20bn to R25bn in claims expected, and this too will take some time to resolve.
Gaines said paying 30% of the insured sum as an interim payment would be a safe option for Sasria and would not leave it exposed or jeopardise the company’s long-term sustainability. “In fact, we are concerned that without larger, urgent interim payments, it may have an impact on food security in the country, and will certainly impact our fragile economy negatively.”
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