Growth of SA’s high-end consumer market drives insurance innovation

South Africa has one of the world’s fastest-growing high end consumer markets, says Fareedah Benjamin, Personal Lines Manager, Chartis South Africa – and this in turn is driving innovation among service providers.

“High net worth individuals tend to have very specialised insurance needs that aren’t met by off-the-shelf products,” says Benjamin. “We’ve responded by introducing the Proteggere VIP Insurance Facility, available through Viglietti Motors to Ferrari and Maserati owners.

Proteggere is “a high-end product for individuals who need personalised insurance,” says Benjamin. “Buying a Ferrari or Maserati is the entry point that creates its own specialised insurance needs. For example, Protegerre offers autocross cover for Ferrari Club of South Africa race days and for cross-border travel to events such as Italy’s famed Mille Miglia rally. More traditional insurance policies won’t cover this kind of risk.”

The service extends far beyond this entry point, however. “Our research shows that there’s a gap to meet all the client’s insurance needs in a single, tailor-made package. Clients in this income bracket are likely to participate in race days, travel frequently and have homes in multiple foreign locations.”

Proteggere’s global cover thus extends, says Benjamin, to insuring holiday homes and their contents across the world, as well as other vehicles, yachts, small craft and personal aircraft. Proteggere customers also have access to specialised travel and personal accident insurance, kidnap and ransom cover.

There is also a range of optional extra services, says Benjamin, starting with a valuation and risk assessment to help clients fine-tune their insurance needs. “We will do a full security assessment of your property and value all your assets including collections,” she says. “We also offer all Proteggerre clients worldwide all-risk home contents cover with no excess, including home office cover of up to R250,000.”

Mervyn Eagles, Chief Executive Officer of Viglietti Motors and Mike Durek, Managing Director of Chartis South Africa represented their companies at the annual Southern Equatorial Ferrari Automobili Club (SEFAC) Kyalami Day on July 14^th. Around 200 Ferrari owners were expected to cruise the famous circuit on the day.