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Old Mutual Insure became the first big short term insurer to reveal the cost of the floods in KwaZulu-Natal, saying on Tuesday it had 720 claims to the tune of R245m as of Thursday last week.

“While this is a significant indication of the scale of the damage, this is more than likely only the tip of the iceberg. We are expecting many more claims to come in this week given that it is still early days,” said Soul Abraham, head of retail for Old Mutual Insure...

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