Floods in South Africa: 1 billion USD in losses for Toyota

The devastating floods that hit South Africa in April 2022 have caused significant damage to the Toyota factory, based in Prospecton, an industrial suburb located south of Durban.

The Japanese car manufacturer deplores the destruction of 4 000 vehicles and a work stoppage of several months, which resulted in a loss of production of 45 000 cars.

The damage could reach 1 billion USD for Toyota which has a property damage coverage underwritten with three Japanese insurers Mitsui Sumitomo, Tokio Marine and Sompo.

The heavy rains that have been falling for several days on the province of KwaZulu-Natal have also caused the death of 400 people, the displacement of 40 000 others and substantial damages to infrastructures.