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South Africa: Insurance claims following hail storm top $187 million, says expert

July 15, 2014 - 6:00am

A recent hail storm in South Africa's Gauteng province resulted in claims of more than 2 billion South Africa rand ($187 million), Dewald van den Berg, director at PricewaterhouseCoopers L.L.P.'s financial services practice, said.

Mr. Berg said "if it happens again this year, it will hurt the bottom line of our short-term insurers," Bloomberg reported. Rudolf Britz, actuary at Momentum Short-term Insurance Co. Ltd., said that if the country continues to see large hailstorms, reinsurers' profitability would be affected and this in turn will "impact the price of cover."

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