Record-high claims for service delivery protests push Sasria to first loss
Service delivery protests now account for about 80% of claims with labour strikes making up the balance
A spike in the severity and number of claims due to protest action has hit the state-owned SA Special Risk Insurance Association’s (Sasria’s) bottom line, leaving it unable to pay dividends to the government for the first time since 2009, MD Cedric Masondo says.
The short-term insurance company — which provides special risk cover for public disorder, strikes, riots and terrorism — recorded its first pretax loss, of R73m, for the year to end-March, down from the previous year’s R1.3bn profit. ..