The SA Insurance Association (Saia) has backed the R11bn in funding for the SA Special Risks Insurance Association (Sasria) announced in the medium-term budget, saying that unless the state-owned insurer is supported by the government, holders of insurance policies may not get cover for unrest-related events in future.

Sasria — SA’s only insurer of risks such as civil commotion, public disorder, riots and terrorism — has had its financial resources drained by the flood of claims that followed the roughly eight days of looting and violence that swept across parts of the country in July. Finance minister Enoch Godongwana made an R11bn allocation to the beleaguered insurer in his medium-term budget policy statement (MTBPS), presented to parliament on Thursday, to help it cover the costs of settling valid claims related to the unrest...

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