Old Mutual Insure pledges R10m to help small businesses rebuild
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Old Mutual Insure is pledging R10 million towards co-ordinating efforts to rebuild small and medium enterprises (SMEs) in affected areas following the large-scale devastation that rocked parts of the country as a result of violent unrest.
It further committed to settle and/or make interim payments for 80 percent of looting-related claims within three weeks that it was mandated to handle on behalf of the state-owned South African Special Risk Insurance Association (Sasria).
It also planned to have all specified cars and trucks covered in terms of the Sasria extension assessed this week.
Hennie Nortje, the chief executive for claims, sales and service at Old Mutual Insure, said: “These claims are our biggest priority right now, because we want to get businesses back up and running, not only so that they can contribute towards the economy, but so that jobs are secure and families can put food on the table.”
He invited all other insurers that were working with Sasria to join the company in publicly pledging to do the same by the middle of August, as well as to match Old Mutual Insure’s relief efforts.
The cost of the damage resulting from the unrest for insured and non-insured businesses was yet to be determined, the company said, but it had seen an influx of claims since July 12 and anticipated that a large number of clams was still be reported.
The company would also apply a 30 percent premium reduction to specific SME customers.