File photo: Residents walk past the Quarry Road informal settlement on the outskirts of Durban on April 18, 2022, as the rain begins to fall again due to winds, heavy rain and landslides. (Photo by RAJESH JANTILAL/AFP via Getty Images)
The effects of climate change will affect every aspect of people's lives, including how we earn income, how we produce and consume food, and how we respond to climate change. The insurance industry, and importantly its customers and the public at large, cannot escape the severe weather patterns caused by climate change.
In April 2022, KwaZulu-Natal was hit by flooding. It is the worst natural disaster in the state's history and one of the worst nationally in terms of loss of life, damage or destruction of homes and infrastructure, and economic impact.
In September 2023, floods in the Western Cape killed at least 11 people, closed more than 200 roads and affected around 80,000 people with power outages. On November 13, a tornado was spotted in Mpumalanga, while hailstones the size of golf balls damaged hundreds of cars and homes in Gauteng province.
The climate hasn't changed. It has been changed. The effects are obvious and the impact is real. As severe weather and inclement weather increases, so do insurance costs. As the world changes to adapt, the insurance industry must also adapt.
In collaboration with Standard Bank Insurance, email and guardianinvites you to a thought leadership conversation. SAFM's Kathy MohlalanaThere, they will uncover the impact of severe weather patterns on the industry and explore additional solutions to protect what South Africans value.
clock: Is there anything else we can do to reduce risk?