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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