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South African reinsurers face higher losses in 2021


A report by advisory firm KPMG International Ltd. showed that the reinsurance industry of South Africa bore the brunt of losses resulting from political unrest, natural catastrophes, COVID-19 pandemic and other loss events in 2021, Middle East Insurance Review reported. Meanwhile, as nonlife experienced high single-digit percentage growth in their gross written premiums, reinsurers’ growth slowed to just 1% and underwriting losses widened significantly.

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