Greetings from the McGuinness Team,
SASRIA – Notification of a rate increase – 01 January 2022
Sasria conducts an annual rate review and factors loss patterns over a number of years. The recent catastrophe event losses were considered, but they are not the basis on which the increases were determined. The affected lines of business have traditionally been affected by high frequency and severity claims.
- Light Commercial Vehicles (LDV’s) and Minibuses / Taxis – These are currently rated at a flat rate per annum and will be changing to a rating scale.
- Fire Commercial is amongst the hardest hit in terms of severity of claims, however, the risk within “office premises” has proven to be less. Sasria are therefore introducing a separate rating structure for Fire Commercial – Office.
- Rate increases are being applied to the following:
– Contract Works
– Fire Commercial
– Fire Commercial (Office)
– Goods in Transit
– Light Commercial Vehicles, Taxis & Buses
– Mobile Plant
– Heavy Commercial Vehicles
The new rates become effective on 01 January 2022 as follows:
- All new business
- Monthly policies on their annual anniversary date
- Annual policies on their annual anniversary date
If you have any queries, please don’t hesitate to reach out to our team.