Sasria projects R26bn loss

Johannesburg — The South African Special Risks Insurance Association (Sasria) says that despite getting a R22-billion capital injection from National Treasury, it is still projected to suffer a loss of about R26 billion in the 2021/22 financial year. The insurer warned Parliament’s Select Committee on Finance on Tuesday that its current balance sheet was inadequate for another R37 billion claims event like the July unrest in KwaZulu-Natal and parts of Gauteng. Early warning signals indicated that Sasria could suffer another loss if interventions were not urgently implemented.Sasria’s written submission to the committee also indicated that it projected a loss of R26 billion after tax for 2021-22, compared to a profit of R1.5 billion in 2020-21 after tax. —