Three major jolts in as many years coupled with the once unthinkable possibility of a power grid collapse have spooked reinsurers in South Africa, spelling an end to cheap coverage in the continent's most developed insurance market
About $1.4 billion of those losses were insured, but years of soft market conditions and underpriced risk left insurers swamped and reinsurers on the hook.
Though five reinsurers contacted by Reuters declined to share data on how South Africa's rapidly shifting risk profile has impacted their business, two insurance companies and a bank with an insurance arm said they are curtailing coverage and raising rates., told Reuters that rates for its catastrophe programmes with reinsurers have increased up to 60% in the past three years.
"So the cover has reduced, and the premium has gone up. Now you are paying 30% to 40% more for much less cover."Decades of neglect have crippled state power utility Eskom, necessitating daily hours-long planned power cuts.
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