Old Mutual Insure said it had received more than R245 million in flood-related claims and that this is “…only the tip of the iceberg”. The company’s subsidiaries, Mutual & Federal Risk Financing and iWYZE said that by 14 April, more than 720 claims related to flooding in KwaZulu-Natal, had come in. These included homeowner insurance claims, motor claims, commercial and speciality claims for equipment, shipping and maritime infrastructure. Old Mutual said natural disasters are becoming a thorn in the insurers’ side, particularly in KZN, where deadly floods have occurred three times in the past three years.
