Sasria is a specialist insurance organisation that bills itself as a special risks insurer. The name of the organisation is an acronym for South African Special Risks Insurance Association. The organisation was established back in the year of 1979, three years after the riots of 1976 that were caused by political unrest in the country.
The organisation was established under Section 21 of the Companies Act, so as to counter the kind of economic damage such situations of political unrest can cause. Effectively, since its inception, Sasria has been providing coverage against damage caused by politically motivated unrest.
It is a well known fact that most common insurance products in the country and, indeed, the rest of the world have specific exclusions for damage incurred through political riots and even terrorism. The situation was the same during the riots of 1976 which is why the South African short term insurance industry and the government of South Africa met to decide on a way to provide the people with a way to protect their investments from the financial loss caused by politically motivated unrest of any kind. The meeting resulted in the government of South Africa deciding to act as the reinsurer for such situations.
While Sasria was initially created to provide protection against financial losses incurred through politically motivated unrest, the organisation has since expanded its mandate to include a series of other situations as well. The organisation’s mandate now includes damage caused by non political riots, strikes, lockouts, labour disturbances and all other similar forms of public disturbances. Furthermore, the organisation now also provides protection for damage caused by terrorism and even loss incurred in relation to mortgage loans.
The organisation’s protection works as an add-on to an existing insurance product which means that an existing insurance policy becomes a prerequisite for any individual or any business looking for Sasria’s protection. The protection itself is provided in terms of coupons which the company mainly distributes through a network of individual brokers and insurance agent companies.
Cover is available for everything from vehicles and property to business interruption. Needless to say, owing to the diversity of the South African population, having Sasria’s protection becomes important for individuals and businesses.