Santam saddened by unrest, loss of life

Short-term insurer, Santam, says it is saddened and concerned about the unrest that has broken out in the country over the last few days. “We are particularly saddened by the loss of life.,” the insurer says. “We are also concerned about the destruction of property and its impact on livelihoods. These events could have long-term implications on investor confidence and the cost of insurance.”

Santam adds that unrest-related claims of this nature are typically covered by Sasria (South African Special Risks Insurance Association), a state-owned insurance company that was specifically setup to cover riots, strikes, and related acts of public disorder. In order for a client to claim for such events under their policy, they should have selected Sasria cover under their insurance policy with their insurer.

“By close of business on 14 July 2021, Santam had registered 21 motor and 167 non-motor Sasria claims. At this stage we are unable to provide a monetary amount for these claims as the loss adjustors must still determine the extent of the loss for each claim.  All Santam clients with Sasria cover must register claims with their intermediaries or directly with Santam.”  

Santam says it is monitoring the situation closely and engaging with Sasria to ensure that these claims are handled as quickly as possible. “” Like all insurers, Santam’s policies do not provide cover for riots, strikes and public disorder. Santam Re has a small participation percentage on the Sasria reinsurance program. It is too early to quantify any potential exposure of this participation until loss estimates are received, however the participation is within the Group’s risk appetite.”

Santam will assist intermediaries and clients with channelling claims to Sasria.