STATE-owned special risks insurance company Sasria received R729m in claims last year, the highest in its history and largely attributable to political, student and labour unrest.
This was a significant 39% increase over the R525m in claims received in the 2014-15 financial year.
Sasria provides short-term insurance cover against the loss of or damage to assets caused by special risk events that are not usually covered by commercial insurers.
Of the R729m claimed, 50% related to service delivery protests compared with 39% the previous year, 29% (58% previously) to labour issues and 18% (3%) to student protests, according to the company’s 2015-16 annual report tabled in Parliament Thursday.
In total the insurer received 2,262 claims, up slightly from 2,259.
The report noted that over a two-year period, the frequency of claims increased by 51% and the value by 77%.
Claims arising from student protests amounted to R134m and from service delivery protests to R110m.
The biggest single claim received was for R103m for damages related to labour unrest in KwaZulu-Natal, which resulted in an open gas turbine facility being torched a few days after it was commissioned.
A R60m claim arose from the torching of the Isithebe industrial estate in the province.
In the year to end-March 2016, Sasria wrote R1.7bn (R1.5bn) in gross premiums, net insurance claims paid out rose to R587m (R441m) and it made an after-tax profit of R504m (R611m).
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