Increase in personal lines claims in SA over the last quarter of 2011

More than half of insurance brokers recorded an increase in personal lines insurance claims over the last quarter of 2011. This is according to a recent survey conducted by CIB Insurance Administrators (CIB), which asked brokers what type of insurance cla

According to Michelle Hancock, General Claims Manager at CIB, there are various factors which could have played a factor in the percentage differences between personal and commercial motor claims. “While our year-on-year figures show a decrease in the number of personal motor claims over the last quarter in 2011, there has been an increase in the amount claimed from insurers. This could be as a result of the severity of accidents occurring and the cost of repairs for such accidents.”

The survey revealed that brokers experienced significantly less commercial motor accident claims in comparison to personal motor accident claims in the fourth quarter of 2011. Hancock says this could be attributed to companies providing driving courses for their employees or making employees responsible for financial loss in the case of an accident, which then encourages them to be more vigilant on the road.

She says that CIB statistics support the fact that brokers saw an increase in personal property loss and damage claims as highlighted in the survey. “The number of personal possessions that individuals carry around today has increased substantially in comparison to a few years ago. Most consumers nowadays have a cell phone, Ipod, MP3 player, iPad or laptop on them at some point of the day. As a result of consumers owning and insuring more expensive personal items than before, brokers are experiencing an increase in the number of claims submitted when one of these items are stolen, lost or damaged,” concludes Hancock.