Insurers worry about the resurgence of natural catastrophes

The upsurge of major natural catastrophes in South Africa is of growing concern to local insurers that must adapt to the increase in the frequency and intensity of extreme weather events.

Storms and forest fires in the Western Cape province in early June 2017 justify this concern. The insured losses, caused by these events which are considered as the most devastating of the last thirty years, should reach a record sum of 300 million USD.

These disasters will unbalance the results of insurers whose only response is to increase premiums. The frequency estimated in the past at an extreme event every 30 years should accelerate to reach a frequency of one major event every three years.

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