Reinsurance News

Sasria

Sasria considers expanding coverage to include natural disasters and climate risks

8th October 2024

The SA Special Risk Insurance Association (Sasria) is exploring the expansion of its coverage options to include climate, severe weather, as well as cyber risks. Sasria is a state-owned non-life insurer that provides special risk cover - including civil commotion, public disorder, strikes, riots and terrorism - to all individuals and ... Read the full article

Sasria to exclude unrest cover for power grid failure

11th May 2023

South Africa’s state-owned insurer, Sasria, has informed its clients that it will not cover civil unrest claims related to a potential total collapse of the national electricity grid. The move, as reported by Business Day, follows pressure from the reinsurance market, which has previously urged Sasria to “eliminate coverage for ... Read the full article

South African market open to political violence and terrorism cover

31st May 2022

A new note from Cameron Cupido, CEO of Reinsurance Solutions Intermediary Services, says that there is a huge gap in the market for insurers to bring in political violence and terrorism (PVT) cover. Cupido wrote that recent amendments from the South African Special Risks Insurance Association (SASRIA) means that insurers and ... Read the full article

Sasria counting on government aid with $386mn of riot claims paid

5th October 2021

South Africa’s state-owned insurer, Sasria, says it has paid around R5.8 billion (USD 386 million) of claims two months on from the unprecedented civil unrest and rioting in the country. The insurer also acknowledged there are “valid” concerns about its ability to honour claims, following warnings that the eventual bill Read the full article

Sasria says riot claims could hit US $1.34bn, reinsurance costs to rise

25th August 2021

South Africa's state-owned insurer, Sasria, has reported that it now anticipates the bill for claims from civil unrest and rioting in the country in July could reach as much as US $1.34 billion. At the same time, Sasria told Reuters that it will be raising its premiums for political violence protection, ... Read the full article