💡SA insurers are introducing exclusionary clauses exempting them from paying out claims arising from load shedding 💸💸 Eskom loadshedding loadsheddingupdates TheCitizenNews Read the full story here⬇️
“This means that electricity grid failure – as defined in our letter to our clients – is an uninsurable event. Along with other insurers, Hollard is attempting to make this clear for policyholders.”Santam, South Africa’s biggest short-term insurance group, reported a 60% rise in claims for damage to sensitive electronic items in September when it delivered its half-year financials.
With three ‘black swan’ events – the Covid-19 pandemic, the KwaZulu-Natal and Gauteng riots of July 2021, and the floods in KwaZulu-Natal last year – reinsurers have grown cautious of South Africa, says Woolley. According to data from BetterSure, claims related to power surges shot up by 250% in 2022, relative to the previous year, while theft-related claims increased by 17% for the same period.
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