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Sasria will turn to state in ‘next July unrest’ as premiums soar

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Sasria will turn to state in ‘next July unrest’ as premiums soar

CEO says insurance firm’s balance sheet is not strong enough to cover another R37bn loss event any time soon

Linda Ensor

The state-owned insurance company that covers specialised risks such as riots, terrorism, strikes and public disorder may have to rely on the government for more funds in future in the face of soaring reinsurance premiums.

The SA Special Risk Insurance Association (Sasria) has already received R22bn to help it cover claims of about R37bn arising from the July 2021 looting and unrest in KwaZulu-Natal and Gauteng.

New Sasria CEO Mpumi Tyikwe told MPs that Sasria’s balance sheet was not strong enough to cover another R37bn loss event in the next year or two...

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