The state-owned insurer of public riots Sasria says it expects to pay-out between three and seven billion rand in claims related to the current violent protests.
Sasria says the projected pay-out will be the highest in its 42 year history.
The claims will cover the cost of repairs and replacements for various assets including vehicles, goods and commercial properties damaged by protesters.
Managing Director at Sasria Cedric Masondo says most of the affected clients are business owners: “Based on what we are seeing on the ground, Shopping Malls being burned and looted we estimate that the total value of claims will be anything between R 3.5 billion to R 7 billion. These numbers are subject to the riots slowing down and not any Malls being burned. If it continues at the same rate the numbers might be too little we may be looking at more that R 7 billion in terms of value of claims and this will be the highest number of claims received.”
Meanwhile, the Small Business Institute has come out strongly to condemn the looting of businesses primarily in KwaZulu-Natal and Gauteng.
The institute has called on law-enforcement agencies to urgently protect lives, property, and businesses which have become the main target of the ongoing violence.
