After intense research, Sasria has taken a look at where insurance cover is needed most in the South African market. Its findings reveal that the need for inclusive insurance is becoming increasingly relevant in the local environment. In response, the insurer is working on bringing a solution to those SMEs who form part of the lifeblood of a community, such as spaza shops.
“When their assets get damaged due to protests or are looted, the actions of a few people cause the whole community to suffer,” says Fareedah Benjamin, Sasria’s executive manager for Insurance Operations.
Here, Sasria can assist small business owners to recover their assets at a faster pace, helping the community to get back onto its feet.
“We’re taking the cover we offer for specialised risks (including, among other things, material damage, business interruption, money, goods in transit and motor and construction risk) to SMEs in the uninsured market,” says Benjamin. “If something happens to these establishments, they are very exposed; if their shops are looted, it will take a long time to recover the damage.”
Benjamin notes that in the past, there has been a limited amount of insurance products offered to SMEs, especially those operating in an informal environment.
“Additionally, many people believe that insurance is an expense they can’t afford to carry.