Non-life / General

Fluctuating Rand could leave consumers underinsured

Statistics presented at the State of the Nation address showed that the Rand depreciated by 17.6% against the US dollar in 2013 and a further 5% since the beginning of 2014. With the Rand continuing to weaken against major international currencies, consumers could be put at additional risk of underinsurance, largely as a result of inflation and rising replacement costs for foreign goods and parts.

Eskom's warnings of power outages highlights importance of insuring electrical belongings

Following power utility Eskom's announcement last week that South Africans could expect to see the implementation of rolling blackouts, also known as 'load-shedding', in residential urban areas for the first time in five years, consumers are being warned to ensure they are protected against financial loss as a result of damage to electrical items caused by power surges.

Alexander Forbes Insurance forecasts an increase in weather-related insurance claims

Extreme weather and natural disasters in the last three years have resulted in some of the costliest years for insurers and their reinsurance partners worldwide. According to Alexander Forbes Insurance (AFI), the increase in weather-related claims is posing tough underwriting conditions for insurers who may have to consider hikes in insurance premiums to avoid underwriting losses.

A harder stance needs to be taken on drunk drivers