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Tag Archives | Old Mutual Insure

kzn-floods

Global warming warnings: insurers must heed the KZN floods

The extensive flooding and landslides experienced on stretches of the KwaZulu-Natal coastline on 11 and 12 April should serve as a warning to the general population, and more pertinently, to South Africa’s non-life insurers and reinsurers that the country is no longer insulated from extreme weather catastrophes. In fact, all stakeholders in the insurance value […]

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KZN-floods

Insurance update on KZN floods

The South African Insurance Association (SAIA) says the damage to infrastructure in KwaZulu-Natal as a result of the floods already exceeds R1.1 billion, which was the estimated cost of damage after the flash floods in the province in 2019. In a statement, SAIA said the devastation and loss of lives make this month’s floods the […]

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Old Mutual joins move to limit cover for non-physical damage on BI policies

Old Mutual Insure has followed South Africa’s largest short-term insurer, Santam, in excluding certain types of non-physical damage from its business interruption cover, because it can no longer reinsure these events. Read: Santam phasing out BI cover for power cuts It is also replacing its computer exclusion with an exclusion on all cyber-related losses. In […]

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Key trends in the short-term insurance industry

The South African insurance industry is a vital socio-economic sector that provides a critical safety net to society. This was crystalised in 2021 as we continued to grapple with the fallout from the pandemic and the implications of the disease for the short-term insurance market. Business interruption claims One of the industry’s highest priorities in […]

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Fourways Mall

Fourways Mall owners take insurers to court over BI claims

It seems the courts will have to settle another dispute over the interpretation of business interruption (BI) policies – this time involving the property sector. According to a report in the Sunday Times, Azrapart and Accelerate Property Fund, the joint owners of South Africa’s largest shopping centre, Fourways Mall, have filed papers against four insurance […]

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