Exclusive: Willis out to market for Sasria optional excess-of-loss cover

By Michael Jones

July 7 - (The Insurer) - Willis has gone out to market for the reintroduction of South African state-backed political violence insurer Sasria's optional excess-of-loss cover, two senior market sources told The Insurer.

The broker been out in the market for Sasria's additional XoL cover, previously known as its wrap cover, for around three months, one senior reinsurance market source said.

The cover was discontinued in the 2021/22 financial year in response to "soaring reinsurance rates" and the withdrawal of capacity by reinsurers, Sasria said in its 2024 financial disclosure.

This followed significant civil unrest in July 2021, which caused insured losses for Sasria of 31 billion rand ($1.76 billion as per July 2, 2025 exchange rates).

Sasria is a non-life insurance company that provides coverage for damage to property caused by special risks such as politically motivated malicious acts, riots, strikes, terrorism and public disorder.

Prior to its discontinuation, the optional XoL cover provided an additional 1 billion rand in cover to major corporate clients. This came on top of the primary cover on clients' assets insured for up to 500 million rand, which remains in place.

Sasria has continued to purchase catastrophe reinsurance following the discontinuation of the wrap cover. One senior reinsurance broking source said the catastrophe cover renews at April 1.

Its 2024 results filing said this coverage is triggered when losses arising from an event affecting more than one insured exceed 500 million rand.

A senior reinsurance broking source said that since the July 2021 South African riots this program has placed with reduced limits, higher retentions and part-order sections. They said the most recent placement struggled to complete in full with certain bottom layers placing at 60% to 80% of full cover.

Willis declined to comment. Sasria did not immediately respond to a request for comment.