Non-life

Here’s how South African farmers can reap the benefits of agriculture insurance

Stay safe as the festive season approaches

How Location Technology is Revolutionising Insurance Risk

Since insurance first started centuries ago, premiums have been determined on the basis of client risk profiles, with insurers pooling risk across large numbers of clients to take advantage of the laws of large numbers. It has always been an imperative for insurers to ensure that their premiums reflect client’s individual risk profiles, because otherwise their risk pool would attract higher risk clients and repel lower risk clients. When it comes to property insurance (e.g., buildings and contents), companies such as Santam embrace technology to ensure that premiums are fairer and better differentiated between clients. Geolocation or geocoding technology allows insurers to more accurately weigh the risk of a property based on its location. With this information, insurers can generate more accurately priced policies.

Staying safe this rainy season