The World is currently facing a huge challenge, and life will definitely change going forward. The Pandemic that has affected all on our beautiful planet, will most certainly have a lasting effect on how we stand together in unity and stand up from this massive health and economic impact that the Covid-19 Pandemic is causing.
Severe strategies are being followed to flatten the curve and preserve life. This does not come without sacrifice, as we are hugely challenged by the Economic impact. The extension of the lockdown to 30 April 2020 will help our Country to prepare for the peak of the pandemic, which is expected in September. Therefore we are in for a rocky road and an interesting Winter. This Winter will definitely be a challenge, but also a chance to rethink the way we do business.
Working from Home, Online video calls and meetings, minimum social contact, no mass gatherings, Elbow greetings etc will become the new normal in the following months.
Insurance companies are looking at innovative ways to help clients. As there is reduced risk in this lockdown period regarding traveling, most insurers have come to the party with discounted rates on vehicle insurance.
Commercial Insurers are well aware of the strain placed, especially on Small to Medium Enterprises. Individual assessments are done to see how they can accommodate the financial strain experienced.
The Insurance sector has responded very well to help consumers in this troubled time. Most Insurers have implemented some of the following Premium relief strategies:
· Discounted premiums on vehicles
· Pause of premiums
· Reduction of cover offers
· Annual increases have been waived or will only be implemented later
· Covid-19 Funds to assist – This will be granted on Individual basis to those who comply with specific criterias.
It is expected that this Pandemic will be with us for the next 18 to 24 months. Therefore, our lives will be impacted greatly. Freedom of movement will be self-imposed, the wearing of masks (which has aided in flattening the curve in Japan and the Czech Republic) will be a new fashion item etc. Scientists world wide are frantically developing a vaccine, which in an
extremely fast tracked pace would only be available in 18 months time. As this would be given to healthy Individuals, they must take the necessary precautions and make sure that it is safe. Long term effects will unfortunately not be tested, and ultimately governments will have to carry the burden of the choice to implement it as mandatory or not.
Amidst these challenges we will seek ways to do business in a new way, always looking out for the consumer and helping them face the challenges of this new World we are experiencing in 2020.
Stay safe and Stay positive!