South African Reserve Bank Governor Lesetja Kganyago has emphasised that the insurance industry must seek to strengthen societal resilience amid growing environmental and technological insurance related risks.
The IAIS’s annual conference was jointly hosted by the Financial Sector Conduct Authority and the Reserve Bank’s Prudential Authority. He also praised the sector for ensuring that it had sufficient capital reserves to meet the unexpected challenge at the time.2022 KZN floods“COVID was a particular challenge for life insurance for the obvious reason that it triggered an abrupt increase in mortality.
Insurers reluctance to cover load shedding-related damages serves as an example of such insurance protection gaps.
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