As death claims continue to skyrocket in South Africa, local insurers are at the mercy of global reinsurance giants.
Reinsurers are putting pressure on companies such as Momentum Metropolitan Holdings (MMH) to convince their clients to get vaccinated or face higher reinsurance premiums. The worst scenario could see some reinsurers ditching some SA insurers as clients.
"The reinsurers are telling us – and it's a fact – that the experience in South Africa is worse than anywhere else in the world except, I understand, Brazil. So they are putting pressure on their South African subsidiaries and branches and saying, we're not sure we want to reinsurance South Africa," said MMH CEO Hillie Meyer during an interview with Fin24.