Company Profile

Introduction

Sasria SOC Ltd is the only short-term insurer that provides special risk cover to all individuals and businesses that own assets in South Africa, as well as government entities. This is unique cover against risks such as civil commotion, public disorder, strikes, riots and terrorism, making South Africa one of the few countries in the world that provide this insurance, particularly at affordable premiums.

By enabling businesses to restore their liquidity or operations quickly and efficiently after experiencing loss or damage due to special risk events, Sasria SOC Ltd plays a significant role in preventing job losses, maintaining livelihoods, restoring pride and dignity and facilitating economic stability.

A state-owned entity, Sasria SOC Ltd has a legislative mandate that governs day-to-day business operations and a broader strategic mandate to make a positive contribution to transformation within the industry and South Africa.

History

Sasria SOC Ltd was formed in 1979 after the increase of protests following the 1976 uprisings. Since there was no insurance covering assets against strikes and riots available within the ambit of the private sector, the-then government took a decision to fund and manage its own short-term special risk insurance company focusing on political risk. Sasria SOC Ltd’s mandate was extended in 1998 to provide cover for non-political perils such as strikes and labour disturbances.

Sasria SOC Ltd is now a transformed entity and the special risk short-term insurer of choice for all individuals looking for extraordinary cover of their personal and business assets within the borders of South Africa and includes civil commotion, public disorder, strikes, riots and terrorism cover.

Mandate

Legislative mandate

Our legislative mandate is to offer insurance to all individuals and businesses that own assets in South Africa, as well as government entities, against special risks that may lead to the loss of, or damage to, their assets caused by events related to, or following, civil commotion, public disorder, strikes, riots and terrorism, all of which have the potential for catastrophic financial loss. We are also mandated to research and investigate coverage for any special threat considered to be of national interest.

Strategic transformation mandate

Sasria SOC Ltd has a broader strategic mandate to make a contribution to South Africa’s stability, growth, development and transformation, particularly within the financial and insurance sectors. By doing this,we strive to make a positive impact on our government’s NDP and create an environment that is attractive for local and international investment.

Business model

Our business model has been designed to keep our premiums affordable and accessible. We achieve this by entering into agreements with other short-term insurance companies to represent the Sasria SOC Ltd offering for special risk insurance.

In essence, this means that all day-to-day administration and collection of premiums is undertaken by insurance agents and brokers and Sasria SOC Ltd only ever comes intodirect contact with a client in the event of the settlement of a claim. [Insert diagram].

Our financial stability and strength enables us to remain self-sufficient and self-funded without financial support from government, our shareholder. This demonstration of financial responsibility ensures that Sasria SOC Ltd has a positive impact on the South African economy and the lives of ordinary citizens.sasrias-business-model

Special risk cover

Sasria SOC Ltd’s core business is to provide short-term insurance cover for special risk events that are not covered by the broader insurance industry. South Africa has witnessed a steady increase in the frequency of public protest action, its intensity, and geographic spread, throughout the country. Whether it is a labour strike, a student protest or a community demonstrating against poor service delivery, there is always potential for damage to property and assets.Everyone is at risk.

Sasria SOC Ltd’s special risk cover is available to any individual, business, corporate or government entity including municipalities, hospitals, clinics, schools or universities, amongst others.

Stakeholders

A business is only as strong as its stakeholders. The Sasria SOC Ltd business model is largely dependent on the strong network of insurance companies and brokers in South Africa to provide special risk insurance to the public. We are closely supported by our internal stakeholders and industry regulators. This creates a value chain, from product development and distribution, revenue optimisation, customer service and regulatory compliance, that ultimately leads to the best possible product and service to our clients.stakeholder