Non-life / General

SA insurers’ grid collapse dilemma

The South African non-life insurance market is abuzz with news and opinions following the introduction by insurers of so-called grid failure exclusions during the first half of 2023. Most, if not all, of the country’s main insurers had already taken steps to limit their exposures to electricity supply related claims by introducing higher excesses or outright exclusions on power surge claims over 2022; but their latest intervention is of far greater consequence. On advice from, or perhaps at the behest of, their reinsurance partners they have decided to introduce national grid failure exclusions to commercial and personal lines contracts.

Shipping losses hit a record low in 2022, but jump in fires, shadow tanker fleet and economic uncertainty pose new safety challenges

Early-stage collaboration: The key to bringing niche insurance products to market successfully

Successfully launching a new insurance product to market is challenging, requiring product innovators to pay more attention to the time and resources required to develop, refine, launch, distribute, administer and take the insurance product to market and break even, and finally, a sustainable and profitable business.

Is your insurance geared for extreme weather events?