A service delivery protest near Mitchells Plain in Cape Town. Picture: ESA ALEXANDER
The “massive” increase will push Sasria into its first underwriting loss since 1994. It is “the first time we’ve received so many claims and of such high value,” said Masondo. “We’ve always taken a view that we need to have more capital than what is required because unrest is unpredictable,” he said. “Government should never be called in to inject capital.”Sasria makes about 20% of its premiums from individuals; the bulk is related to businesses. Most countries have a Sasria-type insurer, but, said Masondo, most of their claims relate to terrorist activities. In SA, however, 80% of claims relate to public service protests.
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