SA’s largest short-term insurer Santam says the floods that rocked KwaZulu-Natal in April will cost it an estimated R3.2bn and were by far the largest natural catastrophe in its 104-year history.

Like many other insurers, Santam is facing rising costs as a result of extreme weather patterns, which have knock-on effects on its client base. The cost pressures are compounded by an increase in vehicle accidents as SA returns to some sort of normality after most lockdown restrictions put in place to fight Covid-19 have been lifted...

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