Insurance Premium Reduction in South Africa
The Standard Bank’s small-scale business and agriculture customers in South Africa can breathe a sigh of relief. Moreover, the announcement of a 30 percent insurance premium reduction actualized the relief. This move comes in the wake of the riots and looting that have ravaged parts of Kwa-Zulu Natal and Gauteng.
However, the change applies to insurance premiums held for three months after the date of announcement. Additionally, this aims to help entities drastically affected by the lockdowns well as the increased unrest in the region.
Effect on Businesses
Businesses have had to make serious and uncomfortable adjustments over the past year-and-a-half, while battling the Covid-19 pandemic. The businesses make these changes in efforts to adapt their operations to align with the Covid-19 restrictions.
The Standard Bank head of business clients, Ms Simone Cooper, spoke on the insurance premium reduction in South Africa. “All businesses have been impacted by Covid-19 restrictions and the recent Gauteng and KwaZulu-Natal unrest. We thought we would target our relief at the two provinces … but it is clear that the disruption of supply chains and access to consumers affect a wider geographical area.
“We have seen ordinary South Africans get up, rebuild, clean up the streets, and rally to supply much needed necessities. We hope that our contribution will relieve the pressure for our loyal business customers.”
Besides the major help of the insurance premium reduction. Standard Bank, last month, released the first R15 million in donations to provide food and other necessities.
All eligible Standard Insurance Limited customers benefit from the 30 percent relief in premiums for the next three months.
More extensive details about the insurance premium reduction here; https://www.standardbank.co.za/southafrica/personal/covid-19/support/insurance-relief