Rising insurance claims in South Africa
According to African Special Risks Insurance Association (SASRIA), insurance claims went up by 30.8% in 2017 at 766 million ZAR (62 million USD). Growing demonstrations and social commotion are behind this increase. The number of these events has grown by 22% while their severity has risen by 29%.
SASRIA is an insurer established during the 1970s during the period of the apartheid, covering specific risks such as social unrest, strikes, riots and terrorism. The company was privatized in 1998. In 2017, it reported 744 million ZAR (60.22 million USD) in net profits and a turnover of approximately 6 billion ZAR (485.64 million USD).
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