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Insurance is about to get more expensive, especially for those in KZN and badly run municipalities

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Surfside flats in Umdloti on May 22, 2022 in Durban, South Africa.
Surfside flats in Umdloti on May 22, 2022 in Durban, South Africa.
Gallo Images/Darren Stewart

Providing building, home, motor and other short-term insurance to consumers in South Africa is becoming more and more expensive for the industry. Reinsurers, who offer protection to insurers from the risk of major claims events, have pushed another massive price increase this year, and most people will likely feel the effects when they renew their coverage.

According to credit rating agency Moody's Investors Service, January 2023 marked a sharp acceleration in reinsurance prices when insurers renewed their contracts. Property catastrophe reinsurance saw the largest rise in prices, while casualty reinsurance prices rose to a much lesser extent.

"Although reinsurance pricing has been rising since January 2018, the recent January renewals represent an acceleration in the pricing trend… the reported price increases were the largest since the post-Hurricane Katrina renewals in 2006," said Moody's.

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