Insurance executive gives damage estimate of St Francis Bay inferno

01 Feb 2016 | Admin Author

While St Francis Bay is still counting the cost of the devastating fire that ravaged more than 70 luxury homes, one insurance company says its liabilities are likely to be in the region of R100m.

Thatch Risk Acceptances, which writes on behalf of Compass Insurance Company, says it undewrites 27 homes gutted in the blaze and their values vary from R1m- to R16m.

Company managing director Paul Carragher says while an event like the St Francis fires is exceptional, it is a scenario his business prepares for.

Unconfirmed estimates put the fire damage at more than half-a-billion rand and Carragher says it could be as high as R800 to R900m, based on the claims that are already coming in.