Claim B-BBEE Level 1 procurement spend through CIB
Did you know that all business placed with CIB can be claimed as a B-BBEE Level 1 expense? Here’s how it works…
CIB (Pty) Ltd is an underwriting manager whose policies are underwritten by Guardrisk Insurance Company Limited. Your client’s insurance spend would be with Guardrisk, a wholly owned subsidiary of JSE listed Momentum Metropolitan Holdings Limited therefore Guardrisk automatically assumes Momentum Metropolitan’s B-BBEE status, which is Level 1. Guardrisk is one of South Africa’s leading insurers that holds a B-BBEE Level 1 status.
How does this help your client?
When your client procures insurance from a Level 1 supplier their own B-BBEE level is affected by the supplier’s level. A supplier with a Level 1 B-BBEE status has a beneficial impact on your clients’ procurement spend: The higher the supplier’s level, the more the customer can claim towards their procurement spend.
For example, should your client choose a B-BBEE Level 6 company, 60 cents out of every rand they spend will count towards their own B-BBEE scorecard. Should they choose a B-BBEE Level 1 company, for every R1.00 they spend they can claim R1.35 against their own procurement scoring. Companies that procure only from Level 1 suppliers spend less, but can claim more.
What does this mean for you the broker?
CIB is a strong supporter of transformation, both in the insurance industry and in the country as a whole. By doing business with us, you are showing your commitment to growing economic empowerment for all South Africans.
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