What is SASRIA insurance and how does it help protect from riots?

The riots in London have dominated the news for the past 2 days. Many of my friends on Facebook have commented on the riots and many others have tweeted instances of fire, arson and looting in various parts of London! How we protect our businesses, vehicles and homes from this criminality and what if this was to spread to South Africa?!

South Africans have seen many more instances of public unrest and riots than our friends in the UK, and insurers are well aware of these risks. South Africa has a history of political and social activism, and mass action can result in severe damage to property and losses in productivity and income. Sasria Insurance is specifically tailored to meet businesses` need for financial protection from such events.

History of SASRIA Insurance

SASRIA stands for the South African Special Risks Insurance Association. 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.

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

In short, SASRIA cover is designed to augment the insurance that is offered by insurers, but that is excluded on the basis of it being caused by extraordinary circumstances that the insurance companies are not prepared to assume risk for.

What is covered by SASRIA insurance cover?

SASRIA cover includes:

  • Insurance against material damage. This includes anything that isn`t covered by the other categories, thus functioning as a catch-all category.
  • Contract works and construction plant cover, which is obviously specific to the engineering industry.
  • Consequential loss is an additional cover in the area of business interruption insurance.
  • The motor policy category covers all types of motor vehicles
  • Marine and inland transit category involves more specific arrangements that can be made with SASRIA, given that marine insurance normally does offer cover for strike, riot and civil commotion loss.

Milestones reached and successes in providing insurance cover

SASRIA provides the following milestones about the cover provided on its website:

• 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-cancelable basis to all sections of the community.

• 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.

What is required from the insured client?

In order to obtain cover with Sasria, the customer must first have a conventional insurance policy for their business. Sasria will then provide add-on benefits to that insurance product and relevant Sasria claims on that policy are processed by the primary insurer. The Sasria premium amount is a small percentage of the premium amount paid over to conventional insurance entities.

The encompassing goal of the company is to help nurture and support positive growth and change in South Africa by providing risk cover that offers surety in an unsure world.

For more on SASRIA view www.sasria.co.za

Riots in London

5 thoughts on “What is SASRIA insurance and how does it help protect from riots?

  • September 6, 2012 at 12:50 pm
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    Under a group short term insurance scheme is it compulsory to have Sasria standing charges cover if there is underlying Business
    Interruption cover. In other words can client take material damage cover only ?

  • September 4, 2014 at 9:30 am
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    I am a miway customer and need to know what you guys cover on my car, I have never know about Sasria and want to know more, my tel nom is 0832572811
    Thank you

  • June 24, 2015 at 5:36 am
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    I have paid an insurance for a house to Ooba in 2012/13, then in March 2013 I sold the house but when I tried to cancel the insurance I was told that I must submit a proof that the house has been sold. I submitted a copy that was not accepted and I requested my lawyers to send me something else and they say there is nothing more that they can give to me. I was thrown from pillar to post and got tired and started again and nothing new came out. I sent them the letter I received on 23 June 2015 from the lawyers. Ooba said they will refund me 1 years premium instead of 2 years 4 months and they say the rest has been paid to Sasria.

    Can someone explain to me why was my money paid to Sasria? Why cannot it be refunded to me because it was coming from my account?

    Please assist.

  • November 4, 2015 at 9:55 am
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    On 03/11/2015 on root from Tzaneen to Lydenburg on the R36 near Diphuti we were forced off the road by protesters, our car was damaged as we were stoned by a crowd of young protesters. Our belongings were taken and the SAP just drove past as all of this was going on. My wife and three kids were harassed and i was pushed around. We managed to get help from people whom arranged for us to have our car pulled to Hoedspruit. From there we got a friend to come from Piet Retief to take us home. There were no warning as to the riots at Tzaneen, The riot has been on from the 30th of October. What do i do now?

  • March 1, 2016 at 3:15 am
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    it is possible to claim SASRIA without insurance ? or you only claim it via insurance ?

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