Severe weather events prompt consumers to recognise importance of short-term insurance

VAAL TRIANGLE - Insurers say severe weather events linked to climate change are prompting South Africans to recognise the importance of short-term insurance cover. According to the global reinsurance broker, Aon, the 2023 economic losses due to natural catastrophes was 22% above the 21% century average, raising questions about the long-term sustainability of cover for vulnerable communities. Industry experts have stressed the need for improved infrastructure and innovative risk transfer mechanisms. They believe the addressing of affordability issues and the leveraging technology are vital to narrow the protection gap and the enhancement of resilience.

PHOTO: (Supplied)