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Magazine

June 2018

Natural Catastrophe’s: Biggest year ever 
Total global economic losses from natural and man-made disasters in 2017 were USD 337 billion, almost double the losses in 2016 and the second highest on record, the latest sigma study from the Swiss Re Institute says. Global insured losses from catastrophe events, meanwhile, were USD 144 billion, the highest-ever recorded in a single year. 
This costly 2017 has a knock-on effect for South African insurers and reinsurers. “Our business is absolutely global,” said Nico Conradie, CEO of Munich Re of Africa. “South Africa is linked to the overall global markets and will be impacted by rate changes that stem from other global events, including catastrophe events”.  Find out more about in this months issue.
In this months issue we also take a look at the Construction sector. Risks in this sector are varied and complicated, calling for innovation in mitigation and insurance. We find out from two major industry players, Hollard and Bryte, how the insurance industry stepped up to the plate. 
Enjoy the read
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