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SASRIA & Fiscal Budget The South African Special Risks Insurance Association (SASRIA) will form a key part of the intervention to help insured businesses restore their operations. Together with reinsurers, SASRIA has already begun its claim administration process. Pay-outs will be provided to all covered businesses. Crucially, government has decided to provide full financial backing to SASRIA should it exceed its solvency limits. The National Treasury is putting in place the necessary arrangements to ensure that this commitment is met should it be needed. Qualifying uninsured businesses will be supported by the state, partly through a reprioritisation of the existing support mechanisms for Small Medium and Micro Enterprises (SMMEs). The Government is also engaging with relevant stakeholders (NEDLAC, banks, insurance companies and [...]

Doing Business in South Africa – Our New Normal The economic effects of the coronavirus crisis have been extensive in South Africa (SA) and a recovery to pre-pandemic levels will take several years. While it is forecast that the SA economy will recover marginally in 2021, it is likely to be uneven and subdued. From a global perspective, the exceptionally accommodative policies in many advanced economies and improved economic outlooks have supported a partial recovery in global financial markets. This has so far resulted in only a trickle of fresh capital flows to emerging markets, and financing conditions remain uncertain. This, together with the sharp rise in SA’s public financing needs, arising from falling tax revenue and higher [...]