The South African Special Risk Insurance Association, which provides cover for special risks like terrorism and riots, has stated that it will no longer be liable for any payouts related to a total grid failure.
Several South African insurers — including the state-owned Sasria that covers special risks like riots, strikes, and terrorism — are excluding damages related to the possible failure of Eskom’s national grid.
“This effectively leaves insurance companies with no option but to consider grid failure as an uninsurable risk.” “Although the likelihood of a total blackout is low, the consequences of such an incident could be devastating, making it worth preparing for,” says GIB. “Generators requiring diesel could become less reliable than backup solutions such as solar-powered systems.”
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