There is definitely a positive feeling in the air. It seems that the 2 years of the Pandemic is finally turning. Hopefully we will soon be mask free. Roads have resumed their pre pandemic congestion and we can see that our clients are travelling much more. Companies who offered limited kilometer discounts are also discontinuing the benefit. The Russia/Ukraine war is a bit of a damper on the positive feeling. We hope that this will soon be resolved. We think about all affected.
Business is definitely picking up for our clients. This is a great relief after the extreme strains certain Business’s had to endure during the Covid Crisis.
SASRIA CLAIMS
We were reminded of the importance of this cover during the riots in 2021. This risk is excluded by insurers, so if you do not take this cover you can lose everything you worked for in a moment.
It is unimaginable how sudden things can get out of control, we had calls from clients wanting to add this on their policies or increase the cover when this happened. This is naturally too late and not possible. Make sure your cover is in place and adequate.
STORM DAMAGES
Severe weather patterns have caused havoc in many of our Client’s lives. We were inundated with claims over the December/January period, and the floods in KZN in April added to the strain the Insurers faced. It is important to make sure that you are adequately covered. Lightning strikes have also caused losses to Home appliances and Electronic equipment. It is also very important to do regular maintenance work on your property to minimize risk. Roofs must be waterproofed regularly, gutters cleaned etc.
LOAD SHEDDING
All South Africans are very familiar with this term. After 15 years of Loadshedding, it is clear that it is here to stay. We have to work around this problem and are doing so quite well. When you install alternative systems like generators, batteries and solar panels, make sure that an accredited electricians links this up to your current Electricity. Gas installations must also be done by accredited installers. Make sure you get an Installationn Certificate as proof for Insurance purposes. Power surge cover is an extremely important option on your short term policy, which can be extended for better cover. Make sure you are adequatly covered in the case of an event. The frequency of claims has spiked and a great area of risk.
DIRECTORS AND OFFICERS COVER
This cover is now more important than ever, South Africans are following American trends and taking legal action everywhere they can. They will often pursue the company as well as the directors and/or officers. Most of these cases, legal actions are not successful but it can drag on for years and the defense cost alone can run into millions. The insurer will not only handle the defense and carry the cost, but they will also settle the claim if there is a ruling against you. These cases may come from clients, competitors or even staff members.
CYBER COVER
Are you aware that this is now the number one criminal threat in the world, add to this the fact that South Africa is for some reason the prime target of international syndicates and this is a very serious risk.
These syndicates operate as corporate companies with different departments. They typically have the following: Hackers, Data capturers, Data Analysts and Negotiators.
Gone are the days when they just encrypted your data, now they analyses it and use the detail to threaten and extort you and your clients. They even enrich the data by buying hacked data from different hackers, combine it and find common denominators to build a more complete database of all your information.
BUSINESS INTERUPTION
The Covid crisis put a big spot light on this important section of Business policies. Some of our clients in the hospitality industry that had this cover, received much needed relief with the payment of claims. All Insurance companies have revised their policy wording, and this benefit will not longer cover Pandemics. This remains a crucial part of a Business policy and it is important to have this benefit. In instances where there is full or partial loss of Business operations due to a specific event this can be a Business saving lifeline.
This will cover your expenses and income while you cannot operate or can only partially operate your business due to an insured event like a fire. It can also provide a top up even when you are back up and running, while you are rebuilding your client base. You can take an extension to even cover loss of income due to prevention of access or a supplier not being able to supply you as a result of an insured risk taking place at their business.
Medical aid premium increase relief
Discovery announced late last year that they will not impose their annual increase in January 2022 but only in May 2022. This offers great relief for all who really need a Medical aid, but are under financial pressure with all the rising costs. Discovery recently confirmed that they are not going to impose the premium increase, but has deferred this to October 2022. This will most certainly help household budgets, especially with the steep rising fuel costs.
Discovery offers 23 Medical aid options. This offers you the benefit of getting a Medical aid option that your budget allows. It is important to be on a Medical aid before age 35, as late joiner penalties will be added to the premium when you join after this age.
GAP COVER
This is an important benefit you can add to your Insurance Portfolio, especially when you are not on a Top end Medical aid plan. GAP cover is highly recommended when you you have the following restrictions on your Medical aid:
- Only 100 % cover in Hospital
- Only Network hospitals
- No savings account
GAP cover is only an extension of your current Medical aid benefits. It is important to understand how the GAP cover product will enhance your specific Medical aid plan when you take up the GAP cover.
It is important to remember that waiting periods will apply at inception. A 3 month and 12 month waiting period on specific conditions apply.
Wishing you a happy and healthy 2022!
Kind regards
WICO Team