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Fire Insurance
Thursday, August 14, 2014 - 02:16
Recent analysis

Lightstone, provider of comprehensive data, analytics and systems on automotive, property and business assets, has revealed that out of the five main provinces in South Africa, Gauteng has the highest number of fire risk days during June, July and August.

According to the company’s Sara Winstone, a fire risk day is determined by whether a fire hotspot has been recorded that day. For example, Gauteng has seen an average of 30.5 fire risk days in the month of August over the last two years.
“The winter months in Gauteng are very dry, leaving the velds and fields easily susceptible to fire. Some of the areas where there is more open veld such as Muldersdrift are flagged as a higher fire risk than in the urban areas.”
The average number of fires per 10 000kms2 in Gauteng is relatively constant and low for summer to mid-autumn. It steadily rises throughout the end of autumn and reaches a peak in August of 88 occurrences per 10 000 kms2. From here the number of occurrences decreases throughout spring and reaches barely one per 10 000 kms2 in December.
“When analysing a sample of fire claims lodged over a 12 month period, a large majority of those occurred in Gauteng. Although not as frequent as some of the other perils, the average fire claim size was almost five times higher than other building related claims due to its devastating nature.
“It is critical for consumers and insurance companies to understand the increased risks in the drier months. With accurate data and analysis provided by Lightstone, insurance companies can access individual reports on properties detailing, not only fire risks, but also the typical weather and other risk related conditions that might affect the property sector.
 

Copyright © Insurance Times and Investments® Vol:27.8 1st August, 2014
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