South Africa

Political instability and violence rank fourth in 2022 insurance risk barometer – SABC News

Political instability and violence is ranked fourth in the 2022 Insurance Risk Barometer, reflecting the enormous risk businesses face in South Africa today.

It comes as the country marks the first anniversary of the deadly 2021 riots that rocked the country, leaving more than 300 dead and billions of rand worth of damage to businesses and infrastructure.

According to 135 local businesses, cybercrime, supply chain concerns and infrastructure constraints were the top three risks. Political violence has increased by 10% since 2021, before the riots.

The 2022 Barometer is Allianz’s 11th consecutive report. Allianz is a global insurance and asset management company.

According to Ronald Dodo-Tabaziva, the company’s head of real estate, companies should review their insurance policies in light of the country’s political situation.

“On the insurance side, we recorded one of the largest single events in SA, up to around 20 billion. We have seen quite a lot of losses that have actually been submitted by customers, but not only that, I think from the business impact. What was very difficult to accept was that we saw many KwaZulu-Natal businesses affected. So about 60,000 businesses had to actually close, and we also saw the impact on people’s livelihoods when we saw 9,000 people at risk of losing their jobs and the economy as a whole at an estimated cost of 50-70%. billion, thousand million.”

VIDEO: 1 July unrest It’s been a year since mass looting and unrest rocked Gauteng and KZN:

Political instability and violence rank fourth in 2022 insurance risk barometer – SABC News

Source link Political instability and violence rank fourth in 2022 insurance risk barometer – SABC News

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