State-owned short-term insurer Sasria SOC Ltd (Sasria) has once again presented Parliament with a welcome set of clean and sustainable figures as detailed below:
Gross written insurance premium reached R2.1 billion for financial 2019, up by 8.8% from R1.9 billion the previous year. This growth is at the back of a slow economic growth, Sasria has grown its revenue by 8.8% against CPI.
A record amount of claims received totaling over R1.5 billion for the year ending 31 March 2019, up from R662million in the financial year 2018. Service delivery protests were almost entirely responsible, accounting for 80% of claims, while labour strikes accounted for the balance.
In the past five years, Sasria received over 16 000 claims valued at over R4.6 billion.
The balance sheet remains strong, with total assets worth R8.4 billion, up 5.7% from a year ago, ensuring the ability to honour current and future claim obligations. Sasria currently holds 2.7 times the amount of capital that the Prudential Authority requires Sasria to hold.
Sasria has once again earned a clean audit for its operations and activities for seven years running.
The figures were presented to Parliament in Sasria’s Integrated Report for 2019, and Minister of Finance Tito Mboweni praised the company for achieving a solid performance in a year of challenging conditions.
Sasria had delivered on its five-year strategy to serve as a mature, professional and financially sustainable organisation, said Managing Director, Mr Cedric Masondo. “We are committed to stretching our strategic goals to deliver on the transformation mandate, while continuing to provide cover against special risks.”