Finweek English Edition
“SASRIA WOULD BE BANKRUPT. NATIONAL TREASURY WOULD ALSO BE BANKRUPT.”
– Moss Ngoasheng, chairperson of the SA Special Risks Insurance Association
(Sasria), said in response to a question whether SA, and his organisation, could afford another round of riots and looting like those in July. He told Parliament’s select committee on finance that the existing R3.9bn funding is inadequate to cover unrest pay-outs. Ngoasheng said Sasria had a balance sheet of R9bn and was facing R20bn to R25bn in claims. The shortfall needs to be covered by National Treasury. To deal with the impact of social unrest on property and businesses, Sasria needs to be recapitalised. Without the recapitalisation, there will be no insurance covering the next potential events of social unrest in the country.