Decrease in political risk-related claims

The state-run insurer Sasria is specialized in the coverage of strike, political movements, and terrorism risks. In 2014, the company saw its number of claims dwindle down by 32%.

Despite the five-month strike that brought the platinum mining sector to its knees, the number of claims decreased from 2 233 cases in 2013 to 1 525 in 2014.
During this period, few property damage cases were reported while most claims were accounted for by thefts.
The company’s loss ratio was set at 18.3% in 2014 compared to 52.6% in 2013, the most affected year in the history of Sasria.

The insurer posted 944 million ZAR (81 million USD) of a pre-tax net profit in 2014. The latter was of 482 million ZAR (46 million USD) in 2013.