SASRIA
We have seen this movie before.
The reality of life in South Africa, is that uprisings, terrorism, civil commotion, riots and strikes are a common occurrence.
The damage that can be caused by such events is catastrophic and can easily put an uninsured business, out of business.
SASRIA can cover your business assets and business interruption risk against riot and strike. We strongly recommend that this business threatening cover is always taken.
The Background
Since 1976. And absolutely necessary.
In 1976, during the Soweto Uprising, the short term insurance industry stepped back from covering losses caused by politically motivated civil unrest. The risk was too high, and reinsurance against it was nearly impossible to buy. That gap is the reason Sasria exists.
Ordinary insurers price risk by spreading it. A single fire or a single burglary affects one policyholder at a time, so insurers and their own reinsurers can absorb the loss across thousands of unrelated risks. Civil unrest does not behave that way. A riot or a strike can damage hundreds of businesses in the same week, in the same city, from the same cause. That kind of correlated, catastrophic loss is not something a private insurer or reinsurer can carry at scale, which is why this cover sits outside ordinary insurance and government stands behind Sasria instead.
Sasria remains the only short term insurer in South Africa covering civil commotion, public disorder, strikes, riots and terrorism, for every individual, business and government entity that owns assets here.
Sasria describes South Africa as “one of the few countries in the world” to offer this kind of cover, at affordable premiums.
Sasria SOC Ltd · sasria.co.zaThe Cover
Six Sections. One Catastrophe Risk.
- 01 Material Damage (Property Damage)
- 02 Business Interruption
- 03 Money
- 04 Goods In Transit
- 05 Motor
- 06 Other
SASRIA generally follows your underlying policy on these sections, but does not cover every extension. Business Interruption is a common example.
Chadwicks treats most SASRIA sections as a catastrophe financial risk. That risk should sit with an insurer, not with your business.
Contact us if you would like advice on SASRIA specific to your business.
