The South African Insurance Association (Saia) calls on all policy holders who have suffered losses or damage to property and or business operations (which has been estimated to be in the billions of rands) to reach out to their respective insurance companies, brokers or financial intermediaries for assistance.
The association has joined the scores of associations, businesses and councils who have condemned the recent acts of criminality and vandalism across South Africa and welcomed the call by President Cyril Ramaphosa for subsequent security interventions to ensure perpetrators are brought to book.
Saia on July 14 said it “supports decisive and effective law enforcement actions by government to bring the current situation under control”.
The South Africa Special Risks Insurance Association (Sasria) is the only insurer in South Africa that provides cover for any damage caused during politically motivated riots, strikes, civil or public commotion, but it has already given assurances to the insurance agents and brokers that it is well capitalised and has adequate reinsurance programmes with “A” rated reinsurers.
The company has said it is confident that it will be able to provide for the anticipated claims.
“The Sasria model is a good example of how the public and private sectors can work together to provide solutions to individuals and businesses in South Africa,” Saia said in a statement, adding that Sasria has already proactively requested that loss adjusters and assessors be appointed within the mandates given to insurers and has also appointed loss adjusting companies to collate all necessary information to expedite the claims that run into billions of rands.
“We urge policyholders to ensure that all relevant information for claims registration is provided at the point of registering the claim with their insurer or financial intermediary. Insurers are agents of Sasria and most of them collect prescribed premiums from Sasria for the covers afforded with respective policyholders,” Saia advised, noting that the said premium is then reconciled with Sasria.
All Sasria-related incidents are reported to the organisation through insurers, with whom policyholders will lodge claims.
The non-life insurance industry is hopeful that these riots will come to an end sooner rather than later, and urged businesses, motorists and the public to exercise extreme caution and prioritise safety by considering other safer alternatives.
Motorists have also been urged to study their routes before departure and factor in alternative routes if they are traveling into or around impacted areas.
“After a disaster, one wants to get back to normal as soon as possible, and there is nothing the insurance industry will want more than that. It is in this spirit that our member insurance companies and the broker fraternity, together with Sasria, will be working tirelessly to ensure that policyholders are assisted to get back on their feet as soon as possible,” Saia commented.