SA’s largest short-term insurers worked around the clock on Thursday, processing hundreds of claims arising from floods in parts of Johannesburg that left at least six people dead. Mutual & Federal expected claims in excess of R100m, which amounted to about a quarter of total claims received in an average month, said head of claims, Michelle van Staden. By Thursday morning, Mutual & Federal had registered more than 80 claims at a value of about R13m, she said. Outsurance and Santam had registered 800 and 238 claims respectively on Thursday, while MiWay said claims were running into the hundreds. The exact cost of these claims is unclear, but it is unlikely it will equal that of hailstorms from previous years. In November 2013, hailstorms cost the short-term insurance industry more than R2bn, according to PwC. One storm alone, on November 27, amounted to R1.6bn in claims. Outsurance paid R239m in gross claims from weather-related catastrophes in the second half of 2013, while the hai...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.