The National Treasury is asking parliament to consider approving a bill seeking urgent additional funding allocations of more than R32bn to address the impact of unrest in July and the Covid-19 pandemic.
A member of a hazardous waste clean-up crew at a warehouse targeted during looting in Durban in July. File photo.The National Treasury is asking parliament to consider approving a bill seeking urgent additional funding allocations of more than R32bn to address the impact of unrest in July and the Covid-19 pandemic for the 2021/22 financial year.
The funding is expected to be distributed to, among other entities, the SA Special Risk Insurance Association , which could be liable for claims of up to R20bn after the unrest in July. The unrest wreaked havoc in parts of Gauteng and KwaZulu-Natal. It claimed more than 300 lives and resulted in extensive damage to infrastructure, including 161 malls, 11 warehouses, eight factories, 200 shopping centres , 11 liquor outlets and 113 communication infrastructure incidents.
Sasria is the only non-life insurer that provides special risk cover to all individuals and businesses that own assets in SA. In a presentation on the 2021 Second Special Appropriation Bill to parliament’s select committee on appropriations on Wednesday, Treasury officials said Sasria sought additional funding of R3.9bn to fulfil its obligation and pay out claims to the affected businesses.
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