Formed in 1979, Sasria is a short-term insurance company wholly owned by the state and reporting to National Treasury to provide insurance cover for political risks and non-political perils like strikes or labour disturbances. As a state-owned company, Sasria has a specific strategic mandate that is prescribed and informed by the Reinsurance of Damages and Losses Act of 1989, the Conversion of Sasria Act of 1998, and continuous engagement with National Treasury.