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International

Fires account for majority of value of claims in South African businesses

July 26, 2022 Reprints

A report by Allianz Global Corporate & Specialty SE said that fires or explosions generate the most expensive losses for businesses in South Africa, accounting for 65% of the value of all claims over the past five years, Middle East Insurance Review reports. Faulty workmanship/maintenance incidents are another major cause of loss while natural catastrophes rank third, with storm losses the most frequent driver of these claims.

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Fires account for majority of value of claims in South African businesses

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