According to SASRIA’s 2022 rate renewal schedule, South Africa’s special risks insurer has set about rebuilding its balance sheet by increasing premiums. SASRIA suffered a R32 billion knock-out blow, due to rioting in parts of KwaZulu-Natal and Gauteng in July 2021. Commercial vehicles will be affected the most, with a 1 736% premium increase expected for Heavy Commercial Vehicles (HCVs). That means cover on an HCV worth R2 million will increase to R6901.14 per annum for 2022 compared to R375.80 per annum for 2021. Light commercial vehicles will cost 15.5 times more to insure.
