It’s the 1st of the month, and the vibration of your phone alerts you to yet another debit order coming off your bank account. While it’s never your favourite time of the month – especially with the cost of just about everything going up – at least you know what to expect and have planned for it in your budget.
“As a result of several macroeconomic factors – coupled with one or two ‘black swan’ events – insurers have seen a rise in their loss ratios, with many reporting a double-digit loss. And the bad news is that this will continue, with the World Economic Forum’s 2021 Global Risks Report citing extreme weather events, climate action failure, human environmental damage and infectious diseases as the top four risks that are systemic in nature.Kuyler noted that motor vehicle repair and replacement costs have increased due to a significant strain on the global supply chain cycle following the pandemic.
“Load shedding has led to power surges that can cause damage to property and goods. Also, bear in mind that extended periods of ‘planned darkness’ provide more opportunity for criminals, making households more vulnerable to theft.” In the case of certain events, they will bear a significant brunt of the blow, which will be reflected in their rates to insurers.
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