Press Statement – 24 April 2019
South Africa’s sole special risks insurance service provider is confident it is more than adequately capitalised to meet rising service delivery related and all other claims, says Cedric Masondo, Managing Director of Sasria.
Sasria is a state-owned insurer established 40 years ago to protect organisations, businesses, municipalities and individuals from losses related to riots, strikes, terrorism, civil commotion and public disorder.
“Though we have experienced a considerable rise in the number and severity of claims in the recent past, the organisation’s financial position remains extremely healthy,” says Masondo. “Since the initial modest capital injection to set-up Sasria’s operations, the business has been self-reliant and continues to maintain a solid balance sheet,” says Masondo
“Our solvency ratio is more than double the ratio required by the regulator of short-term insurance businesses in South Africa.”
Since the business was established in 1979, Sasria has never asked for capital injection from the state or more specifically South African taxpayers. “Instead, we have contributed over R1 billion in dividend payouts to the fiscus over the past seven years,” says Masondo. Read more