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Catastrophes, power grid collapse mark end of low rates

Posted On: Mar. 31, 2023 9:51 AM CST

Market conditions

Reinsurers are increasing premiums and tightening terms and conditions of their agreement with insurers in South Africa, due to insured losses from major catastrophic events and power grid collapse, reported citing Reuters. Reinsurance rate increases are in some cases tripling, as insurers struggle with an unprecedented claims load.