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Member, Beacon International Group, Ltd.
A significant increase in weather-related claims is putting pressure on South Africa's short-term insurers to increase premiums, BDlive reported.
Insurers have taken hits from major flood, fire and hail claims over the last three years. Fitch Ratings Inc. said significant claims related to natural disasters would negatively affect underwriting profits of insurers. Fitch also said that insurers had difficulty in achieving "appropriate premiums for the risks underwritten" due to the challenging economic environment.