Crimes cost South African businesses hundreds of billions of rands

Posted On: Oct. 30, 2017 4:00 AM CST

Cloud Saungweme, chief claims officer at South Africa-based Bryte Insurance Co. Ltd., said that crimes cost local businesses more than hundreds of billions of South African rand, Fin24.com reported. A report by Bryte Insurance found that incidents of malicious damage to fixed and movable assets of local businesses increased 20.7% in the second quarter compared with 5.7% in the second quarter of 2016. Theft-related crimes continued to dominate, although the number of thefts declined more than 7% compared with a fall of 1.3% in second quarter of 2016, the report said.