SA Cities May Get Faster Flood Payouts Under New Insurance Plan

SA cities may get faster flood payouts under new insurance plan

South Africa is exploring whether its major cities should adopt flood insurance to better cope with the growing cost of climate disasters. As reported by Mybroadband, the move follows several years of catastrophic floods that forced the government to divert funds from essential services to cover recovery costs. The insurance being considered is parametric – a type of coverage that pays out automatically when a specific trigger, such as extreme r…

South African cities may get faster flood payouts

South Africa is considering introducing flood insurance in its major cities to better manage the rising costs of climate-related disasters. According to MyBroadband, the government began exploring this option after years of severe flooding forced it to redirect funds from critical public services toward disaster recovery. Officials are exploring parametric insurance, a type of policy that pays out automatically when a predetermined trigger, such…