Insurance industry in volatile and unpredictable world | The Citizen

Sasria reviewed all its rates in October 2021, following the losses from the political unrest which resulted in structural rating changes and rate increases to certain classes of business from 1 January 2022, for new business and will be applicable for existing policies on renewal or anniversary of the policy.

A knock-on effect on the property terrorism and sabotage market locally and in the UK. Violent events in South Africa resulted in a significant number of claims in the political violence space, with reports estimating a figure around US$1 billion.

Due to weather related losses locally and internationally, insurers are starting to pay careful attention to weather-related risks, particularly flood risks, on property portfolios. This is driving premium rating and affecting deductible levels in relation to these risks. In some instances, cover is being sub-limited for weather-related claims.

“Insurers are changing terms and conditions”. 🤔

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