Sasria, South Africa’s main insurer for strikes, riots, terrorism and civil commotion, has asked the government for a financial bailout from state coffers to cover the shortfall it will face in settling all claims.
Last month, Sasria said it had registered 96% of all claims, was settling smaller claims and was offering interim payments on large claims.
The rioting that erupted in parts of South Africa in July over former President Jacob Zuma”s imprisonment caused damage worth $1.7bn (ZAR25bn), according figures from Sasria.
Sasria is now seeking funds from President Cyril Ramaphosa’s government to cover the claims from businesses and individuals who suffered damages during the riots.
According to Sasria, South Africa’s riots were among the most costly in the world in the last ten years.
The unrest was triggered by former President Zuma’s arrest for refusing to comply with a Constitutional Court order to testify at a state-backed inquiry investigating corruption allegations during his presidential term from 2009 to 2018.
Mr Zuma was sentenced to 15 months imprisonment and his corruption trial, where he is accused of receiving bribes from French arms manufacturer Thales during the country’s controversial purchase of arms in 1999, has been postponed to 20 September by mutual consent between state lawyers and his defence team.