Competition is blocking tariff increases

The costs of South African insurers are sharply on the rise since 2010. Climate change, especially hailstorms are causing these increasing claims. Insurance companies are battling for an overall augmentation of the tariffs pertaining to the coverage of natural events.

Unfortunately, this will is hindered by the strong competition maintained by brokers and other intermediaries. To overcome this disadvantage, insurance companies rely on a detailed segmentation of their portfolio to determine the business requiring adjustments on the case-per-case basis.

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