Finweek English Edition

“SASRIA WOULD BE BANKRUPT. NATIONAL TREASURY WOULD ALSO BE BANKRUPT.”

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– 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.

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