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South Africa: 5.5 magnitude quake a ‘wake-up call’ for insurers, says expert

August 7, 2014 - 6:00am

Christelle Fourie, managing director of MUA Insurance Acceptance Pty. Ltd., said the 5.5 magnitude earthquake, which recently struck South Africa, is "a wake-up call to the insurance industry about the need to prepare effectively for large-scale disasters."

Ms. Fourie said the country had become "relaxed" about disaster risks, Moneyweb reported. Most insurers "are aware of the implications of climate change" but more needs to be done to better understand its impact, she added.

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