Cape fires and storms may cost insurers in excess of R4bn

On Friday‚ the death toll from severe weather and fires along the southern coastline had reached at least 12.

Hennie Nortje‚ head of claims at Old Mutual Insure‚ previously Mutual & Federal‚ said insurance premiums were likely to rise in the southern Cape‚ where risk of flooding had increased.

He said the R3 billion to R4 billion in possible losses was an estimate. Old Mutual Insure’s claims already ran into the millions‚ with initial estimates forecasting claims of more than R400 million‚ Nortje said.

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