From IOL online news:
‘Power cuts may damage insurance industry’
February 04 2008 at 04:35PM
Power cuts in South African mines will have a negative impact on the global insurance industry, risk assessment company Alexander Forbes warned on Monday.“If hundreds of South African mines were each to claim up to R250-million for business interruption caused by power outages, the impact on the local and international insurance markets would be profound,”Debbie Geraghty, Head of Risk Services at Alexander Forbes said in a statement.Given that South African mining and industrial debt was re-insured globally, the potential sums called upon to cover South African power-related loss could cause a global re-insurance shock, Geraghty said.
What makes those greedy minors think they can soak up all our huricane/earthquake relief money? Something just isn’t working right here.