SIMON BROWN: I’m chatting now with Mpumi Tyikwe, CEO of Sasria. Sasria, of course, is the South African Special Risk Insurance Association, a business I think, Mpumi, most of us probably didn’t fully understand or hadn’t really heard of before July 2021, where suddenly you were kind of thrust into the spotlight.
SIMON BROWN: It was. About 40 000-odd businesses were impacted. As I understand, you paid out over R32 billion in claims. We hope that’s the biggest claims incident you ever have because, if not, it’s going to be something that’s absolutely giant. It must have come at you almost like a tsunami. You scale for certain processes, and suddenly your phone is ringing nine times as much.
SIMON BROWN: You talk around the balance sheet, and I take your point there. I remember the debate to a degree in late 2021 around this. My view at the time was that – of the SOEs that that government stands up and supports – Sasria is the insurer of last resort, and government is then the supporter of last resort because it’s critical that we have special risk insurance.
SIMON BROWN: We are in an election year. As a country we do elections very well. We don’t have conflict around them in terms of results and the like. But are there trends that you’ve picked up as Sasria in terms of increases in protesting and perhaps damage to property in a buildup to an election? Of course, this is the seventh election during our democracy, posing different challenges from the one we had in 1994 and so on. So we have to be alert as to what could potentially happen.
What keeps me awake is that in the insurance world, we call this risk ‘strike riots and civil commotion’. Globally we’re seeing growth in that, whether you look at Chile, whether you look at France – which we’ve just spoken about – and in the UK. And so we’re seeing growth in this particular , and the common denominator in all of them is the youth. In South Africa we’ve got a youth unemployment issue that needs to be resolved or else, you know, we are going to end up …MPUMI TYIKWE: Exactly.
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