Floods and fires: can insurers weather another horrible year?
Insurers say it is too early to quantify the cost of the Western Cape floods, but one thing is certain — reinsurance premiums are about to get a lot more expensive
The floods that tore through the Western Cape almost two weeks ago have once again brought to the fore catastrophic insurance incidents in South Africa. And they have also brought the possibility of even more expensive reinsurance premiums for short-term insurers.
In addition to 11 people losing their lives, the province’s infrastructure was hard hit. “Current estimates of damage to the provincial road network [excluding that of the South African Roads Agency Ltd] is in the region of R500m,” Regan Thaw, media liaison officer in the office of premier Alan Winde, tells FM. ..
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.