Recently, South Africa has unfortunately seen societal unrest and disruptions, causing a great
deal of loss to many small enterprises who oftentimes were unable to recover that which was lost. With entrepreneurship, in particular small businesses being the cornerstone to our economic growth by employing many people, there is a need to protect these enterprises against the severe losses caused by strikes, riots and politically motivated malicious acts.

The Sasria solution

Sasria SOC Ltd is a non-life insurance company providing affordable insurance protection solutions. It was founded after the Soweto uprising of 1976 when 176 died in the children-led demonstrations against the apartheid government. After that, private insurers pulled out of providing insurance to vulnerable businesses, resulting in Sasria being founded to fill that void. There has, in the past, been a limited amount of insurance products for SMMEs, especially those operating in an informal environment, and this is where insurance company, which happens to a state owned entity, steps in.

With the recent unrest in KwaZulu Natal and later Gauteng, it has become important for small enterprises to know where their “help” lies. Sasria has aided many enterprises whose tears fell as they watched rioters looting and destroying their livelihoods. It offers special risk insurance for businesses falling under the SMME sector to ensure their properties are adequately insured. A particular Sasria’s insurance package is favourable  to SMMEs because if that SMME falls under the qualifying criteria, they may not be denied this cover, regardless of their risk profile and it is a non-cancellable offer meaning it is the client only who may cancel the services of this package.

While Sasria have felt the burden after the July riots with claims of up to R32 billion they are still dedicated to assisting small and medium enterprises rebuild their lives and a new strategy is on the table for the accessibility of those in rural and township areas. This coming after the realisation that many lacked insurance  not due to ignorance but the actual lack of accessibility to companies providing these services. Sasria, in its new strategy, is devising a plan of how to expand into these areas to provide their services to the shop owners and other SMMEs. Their goal always in mind is to support and assist in the development of SMMEs as they are the answer to rebuilding and stabilising South Africa’s economy

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