The effects of climate change go beyond the obvious, and the global insurance industry will be affected too, including the sector in Africa: average temperatures here are rising at twice the global rate.
Take South Africa. Over the past recent years, the Rainbow Nation has had its fair share of climate problems, from massive storms to wildfires that are becoming more and more intense by the year to deadly floods and crippling droughts.
In a recent seminar held at Norton Rose Fulbright, Professor Colleen Vogel from the University of the Witwatersrand said time has come for everyone, including the insurance sector, to take on climate change and prepare for its consequences. Extreme weather events, after all, are here to stay – and they will impact insurers due to increased and changing risks and more unpredictable losses. READ MORE