JOHANNESBURG – Wednesday, 04 August 2021: Interventions announced last week by Mr. Tito Mboweni, the Minister of Finance, are not only welcomed by Sasria SOC Ltd (Sasria), but also heeded as measures that will go a long way in helping settle claims from recent unrests.
Minister Mboweni announced that the National Treasury will inject R3.9 billion into Sasria should it be needed to ensure that Sasria continues to pay all valid claims for affected clients. The injection is a proactive measure from the National Treasury as the shareholder of Sasria to strengthen its solvency and to ensure that the affected clients are brought back into the position they were in prior to the damage.
Mr. Cedric Masondo, Managing Director of Sasria said: “Currently, our focus is to make sure that all claims below R1 million are settled as soon as possible by our agent companies, and internally we have started receiving reports from Loss Adjusters and this has enabled us to start making interim payment for big claims. Together with our agent companies we have appointed Loss Adjusters and where they have not been appointed, we are attending to those clients.”
Mr Masondo said: “The claims are of a short-tail nature, meaning we expect small claims to be settled within four to six weeks, and big claims to be settled within a year, at most, once they are lodged. We encourage affected clients to lodge their claims with the respective insurers within 30 days so that we can start having a clearer picture of claims”.
Our formation was shaped and guided by the historical events of June 16, 1976, to this day, we continue to be courageous and take inspiration from the resilience of all South Africans. As Sasria we would like to thank our clients and stakeholders for their contribution and cooperation towards ensuring that we rebuild from the ruins of recent weeks.
As a state-owned entity and a licensed non-life insurance provider, Sasria’s management and the recently appointed twelve-member Board, under the astute leadership of Moss Ngoasheng has navigated a tough operating climate during the Covid-19 outbreak and post the recent riots.
For more information and media queries, contact: Andiswa Madolo
Email: andiswam@sasria.co.za
Phone: 072 243 0978
Sasria is an authorised FSP registered under license number 39117.