St Francis fires: R100 million from one insurer alone

14 November 2012 Compass Insurance Company Limited (?Compass?)

Thatch Risk Acceptances (‘TRA’), the specialist thatch underwriter, writing on behalf of Compass Insurance Company Limited (‘Compass’), has estimated its claims from the St Francis fires to be in the region of R100 million.

Paul Carragher, Managing Director at Compass, said that the company takes the payment of claims extremely seriously. “While an event like the St Francis fires is exceptional, and a tragedy for all those concerned, we are grateful that there was no loss of life.

“As a sound insurer, we are prepared for exceptional events and it goes without saying that we are committed to ensuring that our clients’ financial losses – in terms of their homes and contents – are settled and restored at the earliest possible opportunity.

“Compass has an A+ rating on its claims-paying from Global Credit Rating Co and it is a key focus for us to back up this rating with our actions.We are very concerned about our policyholders who have lost their homes, valuables and precious memories from this crisis and we are doing all we can to ensure that at the very least they are able to have their claimssettled timeously.”

Quick Polls


How confident are you that insurers treat policyholders fairly, according to the Treating Customers Fairly (TCF) principles?


Very confident, insurers prioritise fair treatment
Somewhat confident, but improvements are needed
Not confident, there are significant issues with fair treatment
fanews magazine
FAnews June 2024 Get the latest issue of FAnews

This month's headlines

Understanding prescription in claims for professional negligence
Climate change… the single biggest risk facing insurers
Insuring the unpredictable: 2024 global election risks
Financial advice crucial as clients’ Life policy premiums rise sharply
Guiding clients through the Two-Pot Retirement System
There is diversification, and true diversification – choose wisely
Decoding the shift in investment patterns
Subscribe now