The South African Special Risks Insurance Association (Sasria) gave an update on Tuesday on the claims received relating to the July unrest and looting.

The claims amount to 32 billion rands (1 trillion naira), with R12.6 billion (N340 billion) paid out by Monday 15 November.

The state-owned special risk insurer says it aims to settle 80% of claims by March 2022.

Sasria MD Cedric Masondo on July 12 estimated claims arising from the riots and looting in KwaZulu-Natal and Gauteng provinces would be in the region of R5bn (N135bn), but on Monday he said that figure turned out to be R32bn, making it the world’s most expensive riots.

“If you add claims settled by other insurance companies in excess of Sasria limits, and the losses of those who had no insurance, losses from the events of July 9 to 19 this year amount to about R50bn (N1,35 trillion),” said Masondo.

“That’s just the loss of property, stock, trucks and the like. We don’t know the extent of the economic losses.”

SA riots surpass USA and Chile

Sasria, the SA Special Risk Insurance Association, is the state-owned civil commotion insurer, covering businesses and citizens against losses from rioting, strike action and public disorder.

Masondo was speaking to the media at a virtual progress update briefing after last week's announcement that Treasury would give Sasria another R11bn (N297bn) towards settling the claims, on top of the R3.9bn (N105bn) it “injected” in October.

“On July 9 we thought it was another one of those riots that would die down after a few days,” Masondo said.

We never thought that by Monday the torching of trucks at Mooi River would end up being the most expensive riots in the world, bigger than the riots claims in Chile and those in the US.”

The biggest claims, involving the destruction of buildings, will take up to 18 months to be paid.

About 80% of all claims came from KwaZulu-Natal and the remaining 20% from Gauteng.

Is Sasria expecting a repeat of those 11 days?

“We expect riots,” Masondo said, “but within our financial capability.”

“We are watching with interest the commissions and inquiries taking place to try to understand why it happened and if it will happen again, but we are comfortable we will come out of this crisis.”

He apologised for delays in settling claims, explaining that the organisation initially didn’t have enough claims handlers and loss adjusters to deal with the influx of claims, and huge ones at that.

Sasria’s operations manager Fareedah Benjamin said the organisation was forced to employ more staff to deal with the claims, and is still increasing its staff complement.

“We look for every reason to pay a claim unless there is a material reason not to,” Benjamin said.

“Less than 1%, or 130 of over 14,000 claims, have been rejected,” she said, “mainly either because they did not have Sasria cover in place or because they hadn’t paid their premiums.”

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Bb

Hungry, angry and lazy lots.



They drew the black race back by 100yrs with those barbaric doings. It was a shame to the continent.

When I have enough money, I will buy the WORLD'S MOST EXPENSIVE RIOT.

decatalyst:
Hungry, angry and lazy lots.

They drew the black race back by 100yrs with those barbaric doings. It was a shame to the continent.

Don't turn it into a race thing. The US and Chile also had the top 3 most expensive riots.

Remember the London riots that threatened the 2012 Olympics?

1

Shellsploit:

A hungry man is an angry man and most African leaders are empty heads, they don't know how to put adequate systems in place to address poverty and hunger and hence you see the masses resort to looting to survive, nonsense

AngelicBeing:
A hungry man is an angry man and most African leaders are empty heads, they don't know how to put adequate systems in place to address poverty and hunger and hence you see the masses resort to looting to survive, nonsense

Bear in mind this happened at a time when SA was experiencing one of the world's toughest lockdowns - if not the toughest. The government offered financial support but clearly it wasn't enough.

Much more analysis and critical thinking is needed to understand what happened in July - but unfortunately I won't get it here.

The weird thing about this riots is that I had a feeling that something like this was gonna happen in South Africa this year.The continuous lockdowns,banning of alcohol (the soul provider of our people lol).It was only a matter of time before people could find something to take out their frustrations on,now look what it cost.This was bigger than Zuma because I know for sure most of the people that participated in this don't even give a damn about him.



...it was only a matter of time.

TMKsouth:


Bear in mind this happened at a time when SA was experiencing one of the world's toughest lockdowns - if not the toughest. The government offered financial support but clearly it wasn't enough.

Much more analysis and critical thinking is needed to understand what happened in July - but unfortunately I won't get it here.

Oh l see, Most African leaders are eggheads, they need to wake-up and introduce workable social reform programs to address the basic necessities of life >> Food, shelter and security, Look at the way all Western leaders addressed the Covid pandemic with food, support, handouts, pay cheques to their citizens but the eggheads African leaders are empty and bereft of ideas, All they know how to do is to steal and loot, Rubbish

JaceBlaze:
The weird thing about this riots is that I had a feeling that something like this was gonna happen in South Africa this year. The continuous lockdowns,banning of alcohol (the soul provider of our people lol). It was only a matter of time before people could find something to take out their frustrations on,now look what it cost.This was bigger than Zuma because I know for sure most of the people that participated in this don't even give a damn about him.

...it was only a matter of time.

Lol, i also thought alcohol would be some kind of trigger. The fact it only occured in 2 provinces also needs thorough analysis.

AngelicBeing:
Oh l see, Most African leaders are eggheads, they need to wake-up and introduce workable social reform programs to address the basic necessities of life >> Food, shelter and security, Look at the way all Western leaders addressed the Covid pandemic with food, support, handouts, pay cheques to their citizens but the eggheads African leaders are empty and bereft of ideas, All they know how to do is to steal and loot, Rubbish

I'm not one to bash Africa or black people, but the fact that there's so much poverty on the continent is indeed a complete failure of leadership.

TMKsouth:


I'm not one to bash Africa or black people, but the fact that there's so much poverty on the continent is indeed a complete failure of leadership.

It is not really about bashing Africa or African leaders but calling a spade a spade and not calling it agricultural implements, African leaders needs to be flogged with horse whip for leadership skills to be grafted into their empty brains, How can a continent blessed with natural and human resources be led by thieves, looters, criminals etc what kind of nonsense is this

and they're suffering for it already why is it hard for some people to think before acting anyway what is my business

TMKsouth:


Lol, i also thought alcohol would be some kind of trigger. The fact it only occured in 2 provinces also needs thorough analysis.

It could have turned out worse than it did because people in other provinces tried to riot but were stopped by taxi drivers and members of the community.

JaceBlaze:


It could have turned out worse than it did because people in other provinces tried to riot but were stopped by taxi drivers and members of the community.

Taxi drivers - the real police force

TMKsouth:


Taxi drivers - the real police force

Those ones will moer you