Beyond the uninsurable: ever-higher premiums are not the only answer for resilient businesses
Climate-related disasters and the challenges of aging infrastructure are no longer abstract risks, they are reshaping the insurance landscape in Southern Africa. The 2022 KwaZulu-Natal floods highlighted this vividly, causing massive damage to businesses such as Toyota’s Prospecton plant in Durban. In a potentially precedent-setting move, Toyota’s Japanese insurer, Tokio Marine, has filed a R6.5-billion lawsuit against Transnet, the KwaZulu-Natal Department of Transport, and the eThekwini Municipality, alleging negligence in maintaining critical drainage systems.