Discovery Insure's personal lines business has experienced more than a 50% increase in claims for damages caused by power surges. The increased frequency and severity of load shedding is hitting many sectors of the economy hard.
"In June 2022, we received an average of 300 claims a week in the personal lines business," said Discovery Business Insurance's COO, Lana Ross. Auto & General's head of business insurance, Alex Terblanché, has also seen a significant increase in power surge-related claims over the past few weeks. Those are claims for machinery and other equipment damage when a power surge occurs after load shedding. When businesses lose turnover or sales revenue because of this, insurers have no choice but to compensate them under their business interruption cover. Get 14 days free to read all our investigative and in-depth journalism.
Fin24 Discovery will have excuses not to pay
Fin24 Indeed. All thanks to the malfeasance and lack of ability to plan and execute projects by the CyrilRamaphosa voetsekANC!
Fin24 it hit them nicely..they must go n speak to their puppet the main enabler of WMC
Fin24 Electricity Surges aka 'Over Voltage Spikes' can more easily be various protected against. It was and is UNDER VOLTAGE for various Lengths of time that caused and cause FAR more severity Damage to anything Electronic / Electrical FACT! Eskom_SA Discovery_SA SantamInsurance
Fin24 It's time that the public started suing the government for damages.