Following the unrest across South Africa in July, Sasria said it is dealing with all the claims registered – some 95% of insured events.
Sasria is a non-life company providing cover for damage caused by politically-motivated riots, strikes, terrorism and public disorders.
Sasria has estimated that the total number of claims will reach ZAR19bn-ZAR20bn, once the phases of quantifying claims and the finalisation of the work done by loss adjusters is completed.
On small claims, Sasria’s agent companies have been hard at work, settling and paying claims up to ZAR1m.
Cedric Masondo, Sasria’s managing director, said: “By the end of the week, we will have paid ZAR2bn between us and agent companies. Our target is to settle all valid small and medium-sized claims in the next six weeks.”
Mr Masondo praised the response reinsurers for their prompt response and upfront payment of reinsurance funds in certain instances, thus helping Sasria avoid any liquidity issues.
Sasria noted that the rebuilding of all damaged infrastructure, particularly for large businesses, is going to take a long time, hence it intends to engage all clients in the journey of seeing their business recover.
Mr Masondo concluded: “The extent of damage and destruction is big. We would like to thank our clients for their cooperation. We ask for patience and we can assure all our clients that we are working hard with our agent companies to settle claims as soon as possible, while working towards a meaningful contribution of the rebuilding of our economy.