South African State Insurer Builds $1.1 Billion Riot Buffer

South Africa’s state-owned risk insurer, which the government bailed out so it could meet claims stemming from riots four years ago, has built up a 20 billion-rand ($1.1 billion) buffer to safeguard its finances in the event of anticipated future unrest.

Sasria SOC Ltd. had to pay out about 32 billion rand following the July 2021 turmoil in the KwaZulu-Natal and Gauteng provinces and turned to the state for 22 billion rand to meet its obligations. Some 354 people died in the upheaval, which was triggered by former President Jacob Zuma’s imprisonment on contempt charges and tapped into widespread discontent over unemployment and poverty.