Mineca Ltd is listed on the Johannesburg Stock Exchange and is a large manufacturer of breakfast cereals in South Africa, with a market share of approximately 35%. In July 2017, the company started operations in Malawi and Zambia and now boast a market share of 15%, owns one silo in Zambia two silos in these countries. The company owns 3,000 hectares of farmland across 3 provinces in South Africa namely Gauteng, KwaZulu Natal and Northwest and three silos in the Northwest. The company imports 60% of its raw materials and 40% is sourced within South Africa. The companys products are sold via a large retail network in South Africa, Malawi, and Zambia. The companys turnover from the South African market was R8bn in 2021 and employs 350 people and 75 in other countries. Mineca is subject to external influences when establishing its objectives and formulating its strategy. The company continuously invests millions in infrastructure and modern technologies to achieve production efficiencies. Significant spend per the annual report was observed in supply chain, marketing, and corporate social investment. The company recently unveiled its investment in artificial intelligence to predict demand, consumer behaviour and uses bots that interact with customers and suppliers daily and after trading hours as well as drones for inventory management. The company prides itself in stakeholder management and has recently appointed an Executive to lead that area. The recent events in Russia and Ukraine arrive on the heels of the company having just dealt with the July 2021 riots in some parts of Gauteng and KwaZulu Natal, with an estimated financial impact of R50bn and 340 deaths as widely reported.

Advise the Board and Top Management on the possible action to take as far as insurance claims, insurance cover and premiums going forward. (3 marks)