Santam weathers climate change storm
The group has deployed technology to mitigate against climate-change losses
31 August 2023 - 08:33
UPDATED 31 August 2023 - 16:28
SA’s largest short-term insurer, Santam, has flagged climate change as one of the key headwinds facing the business, and will prioritise the deployment of geocoding to minimise losses stemming from adverse weather conditions that have become frequent.
Geocoding provides a set of co-ordinates for each address, with the goal of allowing an insurer to understand the location of each building that is being insured and its proximity to various peril zones. The technology also enables experts to map and analyse climate data to identify areas that are particularly susceptible to climate change effects...
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