Climate Change Disrupts Short-Term Insurance Industry
The bruising drought and the stifling heatwaves that swept through South Africa during this summer have brought the issues of climate change to the fore.
Three years ago, flooding and severe hail storms wiped out entire crops.
This had a detrimental impact on the farming community and adversely impacted the country’s exports and saw the insurance industry incurring severe losses.
These losses resulted in a strategy change for certain insurers which exited the agricultural crop insurance market.