Banele Ginindza banele.ginindza@inl.co.za SOUTH African Special Risks Insurance Association (Sasria) estimates that damage in July’s looting and mayhem, the most expensive riots in the world, they said, cost more than R50 billion, for which the agency has received claims of up to R32bn, which it intends to fully settle by March 2022.
Managing director Cedric Masondo and Fareedah Benjamin, the executive for operations, said yesterday total claims for the looting and mayhem, confined to the KwaZulu-Natal (KZN) and Gauteng provinces amounted to R32bn, R10bn more had been paid out by other insurance companies while the estimate for uninsured losses added another R10bn.
“This was one of the most expensive riots in the whole world, surpassing Chile and US riots, the R32bn is not the final number, but the total…