In an ever-evolving market that’s recently been facing tremendous challenges, Discovery Insure believe that there is an opportunity to be innovative and agile in making sure your clients’ cover remains relevant. Of course, while enabling them to enjoy even more rewards. We share with you a host of new and unique features, benefits, and product enhancements across personal and commercial lines. Here is a summary of what you can expect from Discovery Insure in the next year. Personal lines Below are some of the innovation’s you can look forward to:
Business insurance Below are some of the innovation’s you can look forward to:
If you would like us to review your Personal or Business Insurance contact William or Edmond in our Short-Term department email: [email protected] Source: Discovery Insure
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For our investors investing in Morningstar Managed Portfolios, click below to access the latest performance snapshot, market commentary and market performance summary:
Morningstar SA Managed Portfolios Morningstar Global Managed Portfolios (USD) SA Q2 Portfolio Commentary Global Q2 Portfolio Commentary Market Commentary - SA and Global Market Performance Summary - SA and Global In partnership with Morningstar: There comes a time when poor economic data becomes good financial data. Let’s face it, there is no shortage of poor economic data at the moment. Just a few examples include record-high inflation numbers, the hawkish stance of central banks (globally), and the continued downward revision of global growth numbers. Couple that with dire confidence levels and you might just start to feel cautiously optimistic about the prospect of better returns going forward. Now, this might seem like a counterintuitive statement, but it is exactly what this article sets out to explain. We continue to share a 5-part series on Home Insurance Tips. In this article we share on Solving your geyser problems. We usually don’t dwell on things that can go wrong with the geyser, the reality is that something will, at some point. Most electrical geyser manufacturers supply a warranty for the actual geyser for between five and ten years, but its individual components only carry a warranty of one to two years. What are geyser components? These are items that generally wear, such as thermostats, elements, pressure control valves, vacuum breakers, seals and gaskets. When a geyser component fails, it doesn’t necessarily mean the geyser needs to be replaced. If something goes wrong with one of these components, check with your broker if your insurance policy covers it. Most importantly, if you suspect that your geyser is leaking or has burst, report your claim to your broker so that they can appoint a qualified plumber to see to the problem. If you don’t, you may find yourself out of pocket due to limits on your policy when not using an approved plumber. Did you know?
What to look out for
If you like us to review your Home cover contact William our Short-term department email [email protected] tel (011)658-1333
Source: Hollard In partnership with Morningstar: High inflation brings with it increased levels of financial stress due to the rising cost of living. During times of high inflation, especially when coupled with the levels of market volatility we are experiencing year-to-date, investors tend to re-examine their finances. This includes relooking their spending, budgets, and investments as well as the effectiveness thereof. In partnership with Morningstar: It is interesting how the value of the rand can influence our perception of the value of our country. A strong rand, when compared to the US dollar, often makes us feel better about the state of affairs in South Africa. When the value of the rand climbs, so does our optimism about the growth and recovery of the country, while a weak currency fires up all the negative sentiment we read about in the press. We have no shortage of problems in our country - whether it be concerns about rising food and fuel prices, subdued growth, unemployment, electricity shortages, political infighting, a weak fiscal outlook, and social unrest. It’s been a challenging time for South Africans: recovering from the effects of the COVID-19 pandemic, unprecedented vehicle inflation, rising fuel prices, devastating floods and over 50 days of continual loadshedding. All citizens and businesses have been impacted by these events and this is also true for the insurance industry. During lockdown, most insurers experienced saw a decline in the frequency of claims as a direct result of the restrictions imposed on the movement of our clients. Motor was impacted positively, and insurers saw a significant decline in accident, glass, and theft claims. Similar trends were experienced with regard to home contents, with a decline in burglary and theft claims. During this period, some insurers provided premium relief, reduced renewal increases, and refunded a portion of premiums. As restrictions have eased, there has been a return to a more normalised claims frequency trend, with adverse weather conditions in many parts of the country adding incremental pressure to claims volumes. Vehicle repair costs have increased well above inflation and the nature of vehicle thefts has changed, with newer and more expensive vehicles now being stolen. Similarly, the average cost of contents and building claims has increased to new levels, with a particular increase experienced in the number of power-surge claims. While you will be aware that rate and sum insured adjustments are routinely performed in our business, the significance of the above claims experience will unfortunately result in incremental increase adjustments over the coming months. As always, increases will remain highly segmented by policyholder and every effort has been made to limit the extent of increases as far as possible. The following excess adjustments have been implemented for Santam & Discovery Insure. Santam Vehicles: Compulsory (basic) vehicle excesses will be increased by R1 000 for all our products. The R0 excess for policyholders over 55 years will remain unaltered. Vehicle glass excesses will remain unaltered. Contents: Excesses for lightning/thunderbolt, power surge, accidental damage, mechanical/electrical/electronic damage will increase by R500 for all our products. Discovery Insure
If you would like us to review your policy please contact William in our Short-term department email: [email protected] Source: Discovery & Santam |
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January 2025
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