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Newsletters
Dear Readers,
We welcome you to the winter edition of our Newsletter.
Our national elections have come and gone with a positive outcome. The ANC is no longer solely in charge and the establishment of Government of National Unity in its current form is unprecedented in the history of South Africa. Citizens are hopeful that the new structure will result in a better service delivery and less corruption.
On a different note, the insurance premium landscape is changing quickly:
Weather-related claims are escalating and driving up reinsurance costs. The catastrophic events over the last years marks the departure from South Africa's previous status as a Catastrophic Event (CAT) free zone. This trend is not isolated to South Africa. It is a global phenomenon reshaping the insurance industry's sustainability because of climate change. Unfortunately, consumers will soon have to brace themselves for large premium increases. An actual example is the insurance of thatch buildings. Reinsurance costs have surged and made it impossible for local insurers to offer the coverage at the same rates. Most insurance companies can no longer afford to accept any thatch risks.
As usual, we have included information across the board regarding investments, short-term insurance, immigration and other related topics. This newsletter can also be viewed under https://www.swissfin.co.za/newsletters/swissfin-swisssure-newsletter-july-2024/.
