State-owned insurer is hit by the highest claim numbers in its 40-year history
Service delivery protests now account for about 80% of claims with labour strikes making up the balanceThe state-owned SA Special Risk Insurance Association recorded its first pretax loss of R73m for the year ended March 31 2019, down from the previous year’s R1.3bn profit. Picture: SOWETAN
The losses were predominantly driven by a 138% increase in net insurance claims, which reached R1.58bn. The number of claims rose 50% from the previous year to 5,443, the highest in the company’s 40-year history.
The rise in service delivery protests and other community action comes as SA’s economy grows at less than 1% and unemployment has risen to 29%.
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