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FIA highlights the role of insurance in recovering from weather events

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As KwaZulu-Natal residents and businesses begin to recover from record rainfall and devastating floods, members of the Financial Intermediaries Association of Southern Africa (FIA) extend sincere compassion to all affected.

Now that the rainfall has eased, insured businesses and property owners can begin to assess the extent of the flood damage and examine their insurance policies and recovery options.

As the representative body of more than 12 000 licensed financial services advisers throughout Southern Africa, the FIA has a responsibility to highlight the importance of insurance, advice and risk management plans to the public; particularly during disasters as we have seen in KZN this week.

As natural catastrophes escalate globally, environmental risks are likely to become a more regular feature in our lives. Even though South Africans experience comparably fewer natural disasters than other parts of the world, the ones we do experience – such as floods, droughts and wildfires – are often unpredictable and can have lasting financial wellbeing consequences for those who suffer them.

The insurance industry can help the public and businesses mitigate risk and respond to events by vastly reducing the long-term or permanent impact of losses incurred. The FIA urges uninsured members of the public, property and business owners to consider partnering with an FIA-accredited insurance broker that can offer support, protection and peace of mind when an unexpected incident occurs. Insurance policyholders affected by the current weather disaster are advised to contact their broker to assess damage and begin the claims process.