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The South African Special Risk Insurance Association

After the Soweto Riots in 1976, the South African Special Risks Insurance Association was formed. Insurers realised that they could no longer underwrite the losses arising from the political riots of the time and withdrew this type of cover from their policies.

What is the South African Special Risks Insurance Association?

SASRIA, on the other hand, was incepted for the purpose of offering cover for unique risks like civil commotion, strikes, riots, terrorism, public disorder, and more. Thanks to them, South Africa is one of the few countries in the world where you can get insurance for these types of events. Today, businesses, individuals, and even government entities can get short-term special risk cover against the above events.

Types of Cover offered by SASRIA.

The South African Special Risk Insurance Association covers non-political riots, as reinsurers withdrew their support for the non-political covers in 1987. War risks are still excluded. SASRIA functions very similarly to other classes of insurance as far as the insured is concerned. SASRIA differs in two administrative procedures, which are:
• The issuing of the coupon; and
• The settling of claims.

The direct insurance companies issue the documentation or coupons providing SASRIA cover as agents for SASRIA. There are five types of SASRIA cover available. They issue cover, and then the insured gets the appropriate coupon to prove that their cover exists.
1. Material Damage. This is the coupon used to cover all risks other than those listed below.
2. Contract Works and/or Construction Plant. This covers some of the engineering type risks.
3. Consequential Loss. This is for the Business Interruption Section.
4. Motor Policy. This is for all types of motor vehicles.
5. Marine and Inland Transit. There are special arrangements for SASRIA cover for this type of risk as marine insurance normally covers strike, riot and civil commotion.

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