Tag: insurance cover

The turbulent geopolitical climate is creating uncertain economic conditions across the globe. In South Africa, several unique challenges are worsening the effects of global risk factors, including load shedding, hefty fuel hikes and ongoing inflationary increases.

The COVID-19 pandemic has shaken our society to its core. Many family members, colleagues, friends or acquaintances have either lost their lives or been infected. As devastating as the virus has been to livelihoods and communities, there have also been several silver linings.

It is becoming normal to wake up to reports of fires - since the July 2021 civil unrest there have been at least a further four major fire outbreaks reported.

Businesses in South Africa experienced major losses in July from physical damage, business interruption, and loss of revenue, looting, vandalism caused by civil commotion, protests and riots which resulted in about $3.4 billion in lost output and placed 150,000 jobs at risk.

As the new normal requires for people to continue working from home, one needs to take the time to review their portable work devices and ensure that they are adequately insured from theft or unforeseen damage. The awareness around the need for insurance, both in one’s professional and personal capacity has increased tenfold since the onset of the pandemic.

The year 2020 came about with a great amount of hardships and offered critical financial lessons such as, having an emergency fund; the importance of budgeting and having sufficient insurance cover to protect yourself and your loved ones. The New Year provides an opportune time for one to reflect, take stock and review their insurance covers to ensure that they are financially prepared to handle any unexpected turns this year.

2020 is not coming up roses in the economy department and all indicators point to a tough year for consumers. In tough times, looking for ways to cut back, save, and make your money work harder for you, is always a good idea.

As most household incomes shrink, Savings Month, this year coinciding with South Africa’s fifth month of COVID-19 lockdown, is placing monthly expenses, especially insurance bills, firmly in the spotlight. And it is not a kind light. It is critical that South Africans under stress use any extra time they may have in lockdown to sensibly review their insurance covers.

The Health Professions Council of South Africa (HPCSA) has recognised the severity of the COVID-19 outbreak and provided special guidelines that will apply during the pandemic. The HPCSA will continue to operate, but with restrictions.

As email inboxes and WhatsApp groups clutter up with advice of how to cope with COVID-19, I suggest three simple questions to help guide consumers in these unprecedented times. The best way to reduce premiums during lockdown – without abandoning cover altogether - is to reassess risk exposures and adjust cover accordingly.