Reinsurers face losses from South Africa
Saturday, 06 10 2017, Category: Insurance and Reinsurance, Country: Africa
Losses from South Africa’s recent Cape storm and fires in Knysna have made it a tough start to the year for insurers in the region, as analysts warn the industry will come under pressure to manage the growing claims costs, although a cushion will be provided by reinsurance cover.
Earlier this week Cape Town was hit with its worst storm in 30 years and more than 26 fires sent the region surrounding Knysna up in flames, causing millions of rand worth of property damage and the evacuation of around 10,000 people.
“The fires and storm will be claimed as an event and would be covered under the reinsurance cover which insurers are part of”.