Update: Thank you Joan (a.k.a The Bug Lady) from Photographs from South Africa, for identifying this bug. This is a Rayed Slug, a moth belonging to the Limacodidae family. I did some research, but could only find some general information on the Limacodidae family. They are often called slug moths because their caterpillars bear a distinct resemblance to slugs. They are also called cup moths because of the shape of their cocoons. They are mostly tropical, but occur worldwide, with about 1000 described species and probably many more as yet undescribed species. These moths are also said to cause serious defoliation of palms.