The R11bn allocation for The South African Insurance Association (SAIA) in the Medium-Term Budget Policy Statement (MTBPS) presented on Thursday will support continuing efforts to settle valid claims arising from the riots and looting of July.
SAIA members, operating in terms of mandates authorised by SASRIA, are helping with assessment of claims on Sasria policies and settling claims up to predetermined limits set by Sasria.
So far, SAIA members have helped to settle in excess of 10,000 claims with payments of more than R 9.7bn.
SAIA says that the non-life industry will continue to support Sasria until all riot and related claims can be dealt with.
The association says insurers continue to manage and weather the impact of the Covid-19 pandemic, economic dislocation, and the political unrest