The near doubling of costs is expected to push Sasria into its first underwriting loss since 1994
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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bulls paid R1 million for schoolboy - report
Read more »
Property owner EPP plans to raise R1.2bn by issuing sharesThe Polish retail landlord has launched the bookbuild in part to accommodate a new equity investor
Read more »
Sneakers worth R1.1m found in house near Mozambican border30 bales of contraband shoes were recovered by soldiers of the 21 SA Infantry Battalion in Ngwenyeni on Saturday.
Read more »
Woolworths announces nationwide roll out of low-cost, reusable bags | IOL Business ReportWoolworths will be rolling out its new low-cost, reusable bag to more stores across the country while announcing three more ...
Read more »
Disaster management teams count cost of flooding in EC, KZNHundreds of people in Port St Johns in the Easter Cape had to be evacuated from their homes on Monday due to the heavy rain.
Read more »
#Elections2019: Magashule book could cost ANC dearly in Free State | IOL NewsGangster State, which alleges large-scale graft by former Free state premier Ace Magashule, is likely to have an impact on ...
Read more »
#Brexit could cost Scottish mayor of German town his job | IOL NewsIain Macnab, mayor of the small town of Brunsmark in Schleswig-Holstein, will have to vacate his post if Britain leaves the European Union.
Read more »
Families, business owners count cost of Amcu strikeWith Amcu members returning to work for their first salaries in almost five months, family members and businesses that have felt the pinch say that it is going to take a while to recover from the effects of the strike.
Read more »
BMW lauds SA's IT skillsLocal technicians have exported some R1-billion in IT services to BMW facilities across 48 countries over the past year.
Read more »
Alexandra Renewal Project had tangible developments: Maile - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.African National Congress (ANC) head of elections in Gauteng, Lebogang Maile says there's a misconception that R1.3-billion was set aside for the Alexandra Renewal Project.
Read more »