Santam estimates that its gross exposure to the recent KZN floods is around R3.2bn, reports Fin24. However, as its reinsurers will foot most of the bill, the net impact on SA's largest short-term insurer will be approximately R500m.

According to its internal modelling, Santam says the floods qualify as a ‘one in 25-year event’ and were ‘by far’ the largest natural catastrophe in its history.

This means the disaster was more severe on the insurer's pocket than the 2019 Durban Easter floods that left 89 people dead; the 2017 Knysna fires; the flash floods in Durban and Gauteng, also in 2017; or the flooding on the Garden Route in November 2021.

It said as the extent of the damage is still being assessed, it is also reviewing its insurance exposures and liability.

Its R3.2bn exposure does not even include the more recent flooding that took place in May.

Full Fin24 report

Durban Mayor Mxolisi Kaunda said the city was in the final phases of settling on a contractor to help repair the water works damaged during the floods.

His comments, notes News24, come after Tongaat residents yesterday took to the streets for the third time in three weeks to protest non-supply of water, following infrastructure damage to the local water works in April.

Kaunda said progress is being made in restoring water supply to the area, and that a contractor had been appointed. He said the contractor could be introduced to residents as early as today if there were no supply chain objections.

He added that Tongaat Hulett, which own the roadway heading to the water treatment works, was due to begin repairs this week and complete them within 10 days.

‘Then the company will kick in and work on the water treatment plant owned by the city.’

Kaunda conceded that committing to timelines had been an issue for the city, but that the repairs in Tongaat could be brought forward.

He said the completion of the Tongaat Water Works repairs could take about six months.

Full News24 report