But the insurer, which was established in 1979 to protect businesses and municipalities from losses related to riots, strikes, terrorism, “civil commotion and public disorder”, said it was “more than adequately” capitalised to meet rising claims related to public protests.
“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.
In 2018 the insurer was knocked by claims relating to the truck drivers’ protests in Mooi river. Masondo said that the bulk of claims related to damage caused to cars and trucks, but the higher value claims related to the destruction of property and trains. This may now see the insurer hike premiums.
Source: Insurance Report (insurancereport.net)
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