South African insurer Santam has reported its results for the first six months of 2022, which include a gross exposure of R4.4 billion (USD 257 million) to flooding in the KwaZulu-Natal province.
However, the company’s net impact from the floods was limited to R566 million (USD 33 million) thanks to its reinsurance program, meaning reinsurers absorbed some 87% of the total loss.
Santam notes that the KZN floods were the “most significant natural catastrophe” in its history, and also stipulated that significant adjustments to the estimates for its gross exposure could still occur.
FULL ORIGINAL PUBLICATION HERE
