Non-life insurance industry results analysis

The record books will show that 2022 will stand out for the non-life insurance industry for years to come. The industry results included the development of losses associated with the July 2021 Kwa-Zulu Natal and Gauteng riots, which were so big, that it made it difficult to comprehend the impact of a second loss event, one of the most significant natural catastrophe losses in South Africa has ever experienced – the April 2022 Kwa-Zulu Natal floods.

The losses experienced by Sasria SOC Limited (Sasria), as a result of the unrest that took place in July 2021 in KwaZulu-Natal and Gauteng, were unprecedented. It brought thousands of business owners to their knees while threatening the viability of Sasria.