South Africa Insurance Prices to Rise as Risks Bite, Sanlam Says
- Sanlam earnings reflect growing claims from blackouts, crime
- Inflationary pressure will feed into premiums in coming year
A container storage facility following heavy rains and winds in Durban, in April.
Photographer: Phill Magakoe/AFP/Getty Images
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South Africans could soon be paying as much as 5% more on their premiums as insurers face growing risks both globally and locally.
The country is now considered “very risky” due to mounting flood and fire dangers, as well as risks to people and infrastructure following last year’s deadly riots, according to Paul Hanratty, chief executive officer at Sanlam Ltd.