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South Africa: Extreme weather events push insurers to losses

March 11, 2014 - 6:29am

Several short-term insurers in South Africa suffered underwriting losses in 2013 because of extreme weather events, The Citizen reported.

Ian Kirk, CEO of Santam Ltd., said five insurers suffered losses of more than 170 million South African rand ($16.2 million) because of the hailstorm on Nov. 27 2013.

Mutual & Federal reported an underwriting loss of ZAR 437 million ($41.6 million), while Zurich Insurance Co. South Africa Ltd. reported ZAR 455 million ($43.3 million) in underwriting losses for 2013.

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