Some businesses that were affected by the unrest and looting in July, largely in KwaZulu-Natal and Gauteng, have already received a total of R5.8 billion worth of insurance payouts from the South African Special Risks Insurance Association (Sasria).
This was announced by Sasria on Monday who is set to receive a R3.9 billion cash injection from the National Treasury.
The lifeline from Treasury will enable Sasria to honour its commitments to claimants affected by the unrest which shocked the country just over two months ago.
Sasria insures businesses and people against strikes, riots and public disorder risks, protecting them against loss or damage incurred as a result of such events.
The insurer said it is working on fast-tracking payments below R1 million and aims to settle 80% of claims between R1 million and R30 million by the end of October.
Claims above R30 million will be paid to beneficiaries in instalments, with at least 30% of the total claim in each instance set to be paid out in the next few weeks.
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