Flood damage in KwaZulu-Natal exceeds 8 billion rand

South Africa’s Special Risk Insurance Association has engaged the government and other stakeholders in a bid to extend its cover to natural disasters, climate-related risks, and cyberattacks. The cost of damage from the June floods in KwaZulu-Natal was estimated at more than 1.3 billion rand, while the 2022 floods in the province caused damage estimated at seven billion rand to at least 826 companies. The association’s chairperson, Nolwandle Mgoqi, says such a change would require an amendment to the Sasria Act.