Many areas in Gauteng and Kwazulu-Natal came to a standstill as devastating hailstorms, torrential rain and strong winds tore off roofs, flooded roads, smashed windows and cars, uprooted trees and walls, and tragically claimed three lives. The increased frequency of extreme weather events over the past couple of years has been marked and left consumers and insurers counting the toll of weather related catastrophes.
According to ClimateWise, a coalition of global insurers, brokers and industry service providers, weather-related catastrophes such as floods, windstorms and droughts have increased 600% since the 1950’s and have cost the world economy $170bn in 2016 alone, five times more than the 1980’s and taking huge leap up from the $103billion in losses recorded in 2015.
Closer to home flood events in 2016 racked up losses of R700m in insured losses, while the recent Knysna fires and Cape Town storms in June clocked in at over R4billion in damages. Alarmingly, the gap between the cost of weather catastrophes and the insured values is growing.
Read more on how to update your insurance in the next issue of NewsHorn on 25 Oct 2017.