'Sasria, pay 30% of the insured amounts now – businesses are desperate for cash'
Sasria should pay 30% of the insured amounts to big businesses affected by July’s unrest, recommended Insurance Claims Africa on Monday.
The special risk insurer accelerated payments to businesses with claims smaller than R1 million, leaving many larger companies desperate for cash.
The Money Show’s Bruce Whitfield interviewed Ryan Woolley, CEO of Insurance Claims Africa (scroll up to listen).
You’ve got tens of thousands of claims… Sasria is not equipped for the volume of claims… it’s just too slow.Ryan Woolley, CEO - Insurance Claims Africa
It is actually a very well-run business… It’s a significant loss… They’re going to have to appropriately charge for premium…Ryan Woolley, CEO - Insurance Claims Africa
If you put money in the hands of these businesses, they will mitigate long-term losses… Our recommendation is 30%... Think about job retention…Ryan Woolley, CEO - Insurance Claims Africa