Africa

Sasria registers over 95% of claims, as more pay-outs are made

Image

Photo credit: Shutterstock/Gareth_Bargate

JOHANNESBURG – Tuesday, 24 August 2021: Following last month’s unfortunate unrests in Gauteng and KwaZulu-Natal, the Sasria SOC Ltd (Sasria) has registered over 95% of all related insurance claims, which are currently being attended to. {Editor: At September 10, 2021, Sasria has asked South African government for aid.) 

Sasria estimates that the total number of claims would reach R19 – R20 billion, once the phases of quantifying claims and the finalisation of the work done by Loss Adjustors is completed. Currently, there has been concerted efforts to settle all small claims while at the same time making interim payments for large claims. On small claims, Sasria’s agent companies have been hard at work, settling and paying claims up to R1 million.

As the rebuilding and restoring of businesses have begun, our clients have been using the interim payments made to them to remove debris and clean where the damages were made.

Mr Cedric Masondo, Sasria’s Managing Director, said: “By the end of the week, we would have paid R2 billion between us and agent companies. Our target is to settle all valid small and medium sized claims in the next six weeks.”

Masondo praised the response they have received from reinsurers for their prompt response and upfront payment of reinsurance funds in certain instances, thus helping Sasria avoid any liquidity issues.

Sasria takes note that the rebuilding of all damaged infrastructure, particularly for large businesses, is going to take long hence it intends to engage all clients on the journey of seeing their business recover.

Masondo concluded: “The extent of damage and the 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.

Trending
Share this Post:
Posted by IRL Staff

Advertisement

ad ad

Related articles

Aon announces new Asia Pacific COO

Aon has named Citibank Asia Pacific executive Jeff Plein as its new Asia Pacific COO.  The appointment follows Bill Hooper’s move to the position of Global COO of Commercial Risk...

Insurance Authority rolls out Open API Framework and launches the Central Register with Hong Kong Science and Technology Parks Corporation to facilitate Insurtech development

The Insurance Authority (IA) today (18 September 2023) rolled out the Open Application Programming Interface (API) Framework (the Framework) and the Central Register for the insurance sector[1], providing...

Aon Joins International Emissions Trading Association as First Member with Risk Capital Capabilities

Aon plc (NYSE: AON), a leading global professional services firm, today announced it has joined the International Emissions Trading Association (IETA) as the first member with risk capital...

Steadfast flags US expansion as profit increases

Steadfast has reported a 22.5% rise in underlying full-year earnings and has flagged that it will provide details on an expected US transaction by its October annual general meeting. Group CEO...

UnisonSteadfast welcomes new broker Nord Partner

Nord Partner is a new member in Poland to the UnisonSteadfast community. Nord Partner Sp. Zo.o was established in 1998 in Torún and now has 20 offices throughout Poland. The broker...

Joe Peiser to head Aon’s main commercial brokerage unit

Aon PLC named New York-based Joe Peiser CEO of commercial risk solutions, its main commercial insurance brokerage unit. He succeeds Lambros Lambrou, who was named CEO of Aon’s human capital...