What business owners should know about declared insured values
Having accurate declared insured values is fundamental to the insurer being able to underwrite the policy properly.
Business Interruption
Brokers, clients looking for contract certainty with grid-collapse exclusions
SAIA is concerned about consumers’ perceptions of the insurance industry as covers are removed but premiums increase.
Santam introduces power surge excesses and exclusions as claims jump
What policyholders should know about the general exclusion for damage caused by electricity grid failure or interruption.
High Court provides guidance on BI claims by multiple policyholders under one policy
AIG rejected claims by aviation companies whose operations at different premises were impacted by the lockdown and Covid-19.
Business under-insurance is on the rise, especially among SMEs
Insureds don’t always keep pace with the impact of volatility and changes in their operating environment.
Cybercrimes and business interruption: what to look out for in policies
Many businesses are operating under the false belief that their insurance policy adequately covers data security and privacy exposure.
Santam clarifies the impact of grid failure exclusion on power surge cover
The intention of the grid failure exclusion is not to cancel power surge cover, the insurer says.
What insurers’ grid failure exclusions mean for clients
Advice from a qualified intermediary on how to interpret an insurer’s policy wording is essential.
Santam introduces exclusions for losses following loadshedding and other electricity grid interruptions
No doubt, other insurers will soon follow suit.
Ma-Afrika Hotels back in court with another business interruption case
The hospitality group says the lockdown restrictions discharged it from the liability to pay rent.
Businesses are particularly vulnerable to the impact of climate change
A few years ago, climate change was a far-off reality, but a marked increase in natural disasters and weather-related catastrophes points to the reality that it may be closer to home than we […]
High inflation ‘is raising the risk’ of under-pricing and underinsurance
Insured values will become a major discussion point with insureds this year, as high inflation raises the risk of underinsurance for companies and mis-declared values for insurers, according to Allianz Global Corporate & […]
Business interruption-related complaints account for nearly half of Osti settlements
Only 259 of the new complaints registered by the Ombudsman for Short-term Insurance (Osti) last year were related to Covid-19. But settlements in Covid-related business interruption (BI) complaints accounted for 49.5% of the […]
Old Mutual joins move to limit cover for non-physical damage on BI policies
Old Mutual Insure has followed South Africa’s largest short-term insurer, Santam, in excluding certain types of non-physical damage from its business interruption cover, because it can no longer reinsure these events. Read: Santam […]
Santam phasing out BI cover for power cuts
Santam, South Africa’s leading non-life insurer, issued an “operational circular” on 15 March that could have a significant impact on commercial clients’ existing cover for business interruption resulting from extended cover for losses […]
Covid death claims hit Momentum Metropolitan’s interim operating profit
Higher mortality claims knocked Momentum Metropolitan’s operating profit in the six months to the end of December, declining by 12% to R785 million compared to the first six months of the 2021 financial […]
Key trends in the short-term insurance industry
The South African insurance industry is a vital socio-economic sector that provides a critical safety net to society. This was crystalised in 2021 as we continued to grapple with the fallout from the […]
