South Africa's only insurer covering political violence will increase its premiums to cover a rise in reinsurance costs following some of the worst unrest in decades, the head of the state-owned company told Reuters.
More than 300 people died and around 3,000 stores were looted when protests and violence erupted in July, sparked by the imprisonment of former President Jacob Zuma but later driven by anger over poverty and inequality.
It is relying partially on reinsurance contracts to pay, and the cost of those contracts is now increasing, managing director Cedric Masondo told Reuters by phone. A circular communicating the decision to Sasria agents - local private insurers - was published on its website, dated Aug. 4. It said the increase would be effective from Oct. 1.
Some coverage is also available on the open market, in particular for large corporates looking for protection beyond the 1.5 billion rand maximum Sasria offers.
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