“The floods became the costliest event for South Africa’s insurance industry on record,” – report.
According to the report, impacts of the war are likely to continue for the foreseeable future as experts continuously try to anticipate the changing geopolitical landscape and social unrest. SA’s deteriorating road infrastructure has also affected the insurance industry , driving an increase in claims, according to the report.AON’s report also indicated there’s been a reduction in the number of car rental vehicles post-Covid, negatively impacting replacement vehicle availability and timeframe.Goosen said insurance buyers must be aware of changes to their risk profiles posed by economic and geopolitical factors.
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