Insurance rates in South Africa spike as country labeled “very risky”

Insurance Rates - South Africa - map

Rising claims from crime, blackouts, inflation and other factors have insurers increasing premiums. Residents of South Africa are expected to see their insurance rates jump by at least 5 percent as insurers watch the risks associated with the country rapidly rising. The risks have been increasing on many fronts from both domestic and global contributing factors. The country is now viewed as “very risky” by insurers, which are raising insurance rates to reflect the increasing claims filed in a spectrum of categories. Insurers have been receiving increased flood and fire…

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