eMdloti after the second heavy rains last week.
Durban - The impact of frequent, freak weather will be felt in insurance premiums on property.
“Climate change increases mean going forward, premiums are very likely to increase over time,” said Santam’s executive head of underwriting, reinsurance and international, John Melville, after last weekend’s second wave of flooding.
“KZN is one of the areas with the highest incidence of flooding in South Africa, which already results in higher premiums.”
He said most short-term insurance contracts would provide cover for weather-related incidents, including flooding.
“It is, however, vital that clients check with their intermediary or insurer what they are covered for, and what the exclusions, terms and conditions are. Insurers may impose certain limits or exclusions for flooding for specific properties, but these are exceptional cases.”
Outsurance’s Natasha Kawulesar noted that climate change was causing more frequent and more severe weather-related events.
“Claims experience is an important factor in determining the premium ‒ a higher claims frequency and more severe storms would eventually result in a higher premium.”
She noted that KZN still had a long path ahead to recover from the impact of the first storms last month.
“Then to be impacted by a second wave of storms within such a short period, causing further destruction, is devastating.”
Meanwhile, at Umdloti, which was particularly hard hit, residents this week expressed their anger towards developers in a street protest once the sun came out.
In their line of fire was the Salta development, on a rise above the beach area. They questioned whether due diligence to prevent flood damage and environmental impact assessment compliance were carried out and said the removal of vegetation during land clearing for development was a factor.
”Unfortunately any additional information following the second storm will take some time to come through while the various contractors, professionals and other stakeholders conduct assessments,” said a Salta Sibaya spokesman.
eThekweni Municipality said in a statement that it had already made huge strides to respond to the damage left by floods in April.
“Within a short space of time, contractors have been introduced by the mayor to commence with work in the area while municipal employees have already hit the ground running,” said spokesman Msawakhe Mayisela.
The Independent on Saturday