Insurers say South Africa’s looting damage should be covered

The South African Insurance Association (SAIA) has called on all policyholders who have suffered losses or damage to property to reach out to their respective insurance companies or brokers/financial intermediaries for assistance.

The association said that South African Special Risks Insurance Association (Sasria), a state-owned enterprise and a SAIA member, is the only insurer in South Africa that provides cover for any damage caused during politically motivated riot or public commotion.

Sasria has already given assurances to the insurance agents and brokers that it is well capitalised and has adequate reinsurance programmes with “A” rated reinsurers. Sasria 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.

“It 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.”

The intention of having an insurance policy is to place you in the same financial position you were in before the incurrence of the said losses and therefore assures that you remain financially sustainable – whether it is from a personal or business perspective, SAIA said.

“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.

“The said premium is then reconciled with Sasria.  All Sasria related incidents are reported to Sasria through insurers, to whom policyholders will lodge claims with.”

Read: Worker and employee rights during riots and looting – here’s where the law stands

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Insurers say South Africa’s looting damage should be covered