Sasria revives its political risk coverage

Sasria SOC Ltd, South Africa’s only insurer specializing in political risk, is relaunching its “Wrap Cover” policy, a product designed to protect large companies against rising threats linked to civil unrest, riots, strikes, and terrorism.

The solution returns to the market after a five-year hiatus following the July 2021 South Africa riots, which resulted in insured losses exceeding 31 billion ZAR (1.8 billion USD).

“Wrap Cover” is structured as a supplemental insurance product to Sasria’s primary coverage, which is capped at 500 million ZAR (29.7 million USD).

The policy is primarily targeted at companies with substantial asset bases and a high exposure to business interruption risks.