Africa's foremost special risks* insurer for over 30 years

*”Special risks” is the term given to the types of extraordinary risk conventional insurers are unable or reluctant to cover. This has included damages arising from civil unrest, terrorism and labour action
(strikes, lockouts, etc.)

About Sasria

What We Do

Since its formation in 1979 Sasria has been covering politically motivated riots. Over the years, this mandate has been extended to cover damage caused by non-political riot, public disorder (including labour disturbances, civil unrest, strikes and lockouts) and loss in respect of mortgage loans as well as terrorism.

We work through a network of agent companies and brokers who distribute our coupons on our behalf. Our short-term insurance solutions are both for corporate and individuals.

Our History

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From the splintered 70’s, when the seeds of our modern democracy were germinated… through its growing pains in the 80’s, when social and economic restructuring became reality… its coming of age in the 90’s… and its maturation in the new millennium…

Time and again, the reshaping of our nation has highlighted the need for an extraordinary insurance company. Our goal is to help create an environment for positive growth and change, by lending stability and offering peace of mind to all South Africans, even in the face of special risks. Sasria’s founding reflected the special needs of an extraordinary nation – and the company has continued to mirror our country’s growth and transformation.

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1979 - Sasria was established and registered in terms of Section 21 of the Companies Act, in response the political unrest of 1976.

Reinsurance protection for the peril of political riot was unavailable, hence, following meetings between the Short Term insurance industry, under the auspices of the SAIA, and Government, the Government of the Republic agreed to act as reinsurer of last resort.

Sasria was consequently incorporated as a Section 21 company, with the aim of providing such cover on a non-refusable and non-cancellable basis to all sections of the community.

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Sasria’s premiums are derived as a small percentage of premiums paid to conventional insurers

Subsequently, Sasria’s coverage was extended to damage caused by non-political riot and public disorder, including labour disturbance, civil motion, strike and lockout. Coverage was also extended to include loss in respect of Mortgage Loans.

risk

Sasria was consequently incorporated as a Section 21 company, with the aim of providing such cover on a non-refusable and non-cancellable basis to all sections of the community.

With the Government re-insuring Sasria, it was able to accumulate substantial reserves which, as a Section 21 company, it could not distribute.

Sasria’s premiums are derived as a small percentage of premiums paid to conventional insurers.

Subsequently, Sasria’s coverage was extended to damage caused by non-political riot and public disorder, including labour disturbance, civil motion, strike and lockout. Coverage was also extended to include loss in respect of Mortgage Loans.

annual-report

1998 - The Conversion of Sasria Act of 1998 converted Sasria to a Limited company, with the Government as sole shareholder.

After an actuarial assessment, assets totalling some R10,5 billion were declared as a special re-structuring dividend by the share holder. This was paid to the Government and was used to offset State debt, as required by the Conversion of Sasria Act.

  • Sasria's Establishment
  • Sasria's Coverage
  • Section 21 Company
  • Sasria Limited