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In a statement on 28 July the Minister of Finance estimated that the damage in KwaZulu Natal alone stands at R15 Billion, which by far exceeds the capitalisation of the public entity which is liable for loss emanating from public disorder, riots, and violence, being SASRIA.
SASRIA is an acronym for South African Special Risks Insurance Association which is a short-term insurance public entity listed under Schedule 3B of the Public Finance Management Act 1 of 1999, owned by the State and under the control of the National Treasury.
Owing to the recent protests and looting in some parts of Kwa-Zulu Natal and Gauteng, there has been much talk in the media and streets about the South African Special Risks Insurance Association (SASRIA) and its role as a short-term insurance public entity.
Most insurance products are designed in such a way that whilst they provide cover for loss, the insurance company itself remains viable as a business. To attain this balance, most insurance products have a list of strict requirements and exclusions which are consulted whenever a claim is processed.
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