Absa waives excess payments for flood-hit customers in KZN

Business

Durban – Absa, one of South Africa’s largest banks and financial services groups, is waiving excesses for flood-related claims to provide relief for its customers affected by the disaster is KwaZulu-Natal.

“Given that we have a crisis, it will be not prudent as people deal with [losses suffered owing to flooding] and then also worry about excesses,” said Faisal Mkhize, managing executive for relationship banking at Absa Retail and Business Bank.

“Some of the waivers that we’ve implemented is to allow people to go through the claim processes as easily as possible, where we take away some of these costs that are associated with insurance claims. That is one of the things that we’re doing and it’s deliberate, because we think we need to be treating the current situation as abnormal,” he said.

 

The waived excess fees are likely to amount to millions of rands, said Mkhize, although he noted it is early days yet as claims are expected to still pour in the days and weeks ahead.

On Monday night President Cyril Ramaphosa announced that a national state of disaster has been declared in the wake of the floods that have claimed the lives of 443 people to date. Nearly 4,000 homes have been completely destroyed and around 40,000 people have been displaced. Critical infrastructure, including the Port of Durban, schools, courts and police stations have been affected.

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