The knock-on effects of climate-related incidents have led to a noticeable increase in personal and commercial insurance claims, both in terms of property damage and business interruption. This has been exacerbated by the impact of deteriorating infrastructure such as public roads, water and sanitation systems.

Siyakha Masiye, spokesperson at MiWay Insurance, explains that insurance needs change over time with lifestyle shifts. Market developments and inflation can also impact the value of assets, meaning insurance coverage must be adjusted accordingly.

The Insurance Crime Bureau (ICB), an organisation established to fight fraud in the industry, has recently warned about a concerning trend wherein criminals are directly targeting insurance companies, through their call centres, by impersonating policy holders and requesting copies of their policy schedules and claims history.

According to recent data from the Financial Sector Conduct Authority (FSCA), South Africa is grappling with a significant sum of unclaimed assets. In 2022 alone, the country reported a staggering R88.56-billion in unclaimed assets, with unclaimed life insurance benefits constituting a notable 38% of this total.

Auto & General Insurance is proud to once again be recognised as the ‘Best of the Best’ in two categories at The Star Readers’ Choice Awards. The insurer was recently awarded the titles of ‘Best Car Insurance Provider’ and ‘Best Insurance Company (Personal)’.

The upcoming South African general election poses increased risks for the non-life insurance industry due to potential civil unrest. Insurers should review policies to anticipate claims beyond SASRIA coverage limits.