Providing building, home, motor and other short-term insurance to consumers in South Africa is becoming more and more expensive for the industry. Reinsurers, who offer protection to insurers from the risk of major claims events, have pushed another massive price increase this year, and most people will likely feel the effects when they renew their coverage.
According to credit rating agency Moody's Investors Service, January 2023 marked a sharp acceleration in reinsurance prices when insurers renewed their contracts. Property catastrophe reinsurance saw the largest rise in prices, while casualty reinsurance prices rose to a much lesser extent. "Although reinsurance pricing has been rising since January 2018, the recent January renewals represent an acceleration in the pricing trend… the reported price increases were the largest since the post-Hurricane Katrina renewals in 2006," said Moody's.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
They must pay much those ones
Unlimited intrusive destructive 'development' has also been skyrocketing globally, causing the catastrophe that past generations would never tolerated. We need to see the accumulated negative impact of every destructive act!