The insurance industry was recently shocked by the announcement that the South African Special Risk Insurance Association (Sasria) are due to drastically increase their rates from 1 February 2022.

According to Sasria they were forced to review their rates after the July 2021 riots.

These drastic rate increases pose a big challenge as they will make a significant difference to insurance premiums.

However, these tariff increases will apply to most of our clients from the renewal date of each policy and not strictly from 1 February 2022.

We will communicate with each client in advance before the tariff increase officially takes effect and also give the necessary advice on what their options are with regard to riot insurance.

Insurers specifically exclude cover relating to riots and strikes. Unfortunately, Sasria is our only option to be insured against the risk of riot damage.

The events of July 2021, where shopping malls were robbed and burned down in a matter of hours, made us all realise once again how quickly things can go wrong and how important it is to be insured against this type of risk.

Although all possible care was taken in the drafting of this document, the factual correctness of the information contained herein cannot be guaranteed. This document does not constitute advice and anyone planning on taking any financial action based on this document, is strongly advised to first consult with their personal financial advisor. ProVérte Risk Management is an authorised financial service provider with FSP no. 51584.