SASRIA rates are increasing but we remain constant!

Let us help you make sense of SASRIA’s tariff hike

During the July riots of 2021 in KwaZulu-Natal and other parts of South Africa, wide-spread destruction of property meant that SASRIA had to pay out a very large amount of money in insurance coverage to affected businesses.

This has led SASRIA to increase their rates from the 1st of February 2022. These increases particularly affect fire insurance for commercial properties, as well as the rates for Light and Heavy Commercial Vehicles (LCVs & HCVs), taxis, and busses.

See an example below of how the tariff increase affects LCVs, HCVs, taxis, and busses (with the presumed value of R1million):

 Old rateOld premiumNew rateNew premium
LCVsFlat premiumR45.390.070621%R706.21
HCVs0.01879%R187.900.345057%R3 450.57
Busses0,5040%R5 040.000,564987%R5649.87
TaxiFlat premiumR45.390,021297%R212.97

It should be noted that these rates may not be immediately applicable to all clients, but will be amended on the annual anniversary date of your current policy.

At ProVérte Risk Management, we want to help you make sense of your insurance premiums. As transport insurance experts, we know exactly how to give you direction that will keep your business protected.

To find out exactly how SASRIA’s rates increases will affect you and your business, please get in touch with us.

Although all possible care was taken in the drafting of this document, the factual correctness of the information contained herein cannot be guaranteed. This document does not constitute advice and anyone planning on taking any financial action based on this document, is strongly advised to first consult with their personal financial advisor. ProVérte Risk Management is an authorised financial service provider with FSP no. 51584.