South Africa facing insurance crisis

NORTH WEST – Short-term insurers warn that South Africa could soon become uninsurable due to the frequency of crises in the country. Insurance industry members said that risks, such as weather-related claims, load shedding and social instability, are becoming too large for private insurers. Insurance cover for certain events may be withdrawn by insurance companies, such as the withdrawal of pandemic cover in 2020 and the recent withdrawal of grid failure.