Local insurers miss out on green energy bonanza due to SA’s rating
Companies are set to lose out on about R1bn in premiums this year to foreign insurers
14 February 2024 - 05:00
Foreign insurance firms are reaping the rewards of SA’s renewable energy projects at the expense of domestic players, whose participation in debt-funded projects is limited by the country’s sovereign rating.
One of SA’s leading insurance brokers, Crawford Dougall, which advises clients across Africa on the local insurance and international reinsurance markets, said the domestic sector was set to lose about R1bn in premiums this year on the construction of renewable energy projects and this was likely to rise to more than R6bn over the next five years...
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