Our journey of resilience and growth
1970s
Sasria was founded
Violence escalates in South Africa in the mid 1970s
In the mid-1970s, violence in South Africa escalated and short-term insurers became reluctant to offer political risk cover. This led the government and the South African Insurance Association (SAIA) to create the South African Special Risk Association (SASRIA), with an initial loss limit of R50 million.
1980s
One Insured Loss Limit Increased
Rise in Civil Commotion
By 1980, civil commotion had increased sharply. The insured loss limit was raised to R200 million, and Sasria expanded its offering to include non-political riot, strike and public disorder.
1990s
Conversion
Conversion to a Limited Company
In the 1990s, Sasria was converted into a limited company wholly owned by the South African government, and the insured loss limit was increased to R300 million. During this decade, Sasria consistently reduced its rates until 1999, after which they remained stable until 2003.
2000s
New covers
New covers and Enhancements
The early 2000s ushered in new covers and enhancements, including Excess Loss and BI ground up, as well as improvements to Motor and One insured. The insured loss limit increased again to R500 million, although this excluded Contract Works cover.
2010s
1 Billion
GWP reaches 1 Billion
By 2010, Sasria had reached R1 billion in GWP and introduced further product enhancements, including free extensions for personal and commercial lines. Sasria also received several recognitions, including FIA awards for support and service, a SAICA Public Sector Audit Excellence Award, and multiple Integrated Reporting Awards between 2016 and 2018.
2020s
Sub Label
2020s on the timeline
In the 2020s, Sasria faced one of its most significant moments. The July 2021 civil unrest led to the largest insured loss in South Africa’s history, with claims estimated at between R30 billion and R35 billion. To help Sasria meet these claims and rebuild its reserves, National Treasury provided a R22 billion bailout. During this period, Sasria played a key role in helping stabilise the economy and restoring confidence after the unrest. The events also reinforced the importance of state-backed special risk insurance and prompted a renewed focus on catastrophe modelling, risk pricing and strengthening public-private partnerships.
