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Tag Archives | reinsurance

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

KZN floods are the biggest natural catastrophe in Santam’s history

Santam’s current “best estimate” of its gross exposure to the KwaZulu-Natal floods in April is R3.2 billion. However, reinsurance cover will limit the net impact to about R500 million, it said in a trading update. South Africa’s biggest short-term insurer said that, based on its internal modelling, April’s floods were a “one in 25-year event” […]

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load-shedding

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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eskom

Santam phasing out BI cover for power cuts

Santam, South Africa’s leading non-life insurer, issued an “operational circular” on 15 March that could have a significant impact on commercial clients’ existing cover for business interruption resulting from extended cover for losses emanating from public utilities and/or public telecommunications. It appears that the aftershock of claims emanating from Covid-19 resulted in a review in […]

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