Demand for Political Violence Insurance on the rise

The demand for Political Violence, Sabotage and Terrorism insurance has been on a steady increase recently in different parts of the African continent. The increase in the demand is reinforced by the ongoing political activities and uncertainties. Examples of activities such as the Westgate, Kenya incidence, Gambia and DRC violence in protest of the proposed increased presidential terms are still fresh in people’s minds and are driving the need to buy Political Violence Insurance. Insurance buyers in Southern African markets such as Mozambique, especially with movable property such as yellow plants and those moving goods are demanding political violence cover.

Political Violence Insurance covers against damage to property occasioned by a political event. Most insurance and reinsurance companies also extent the cover to provide coverage against sabotage, riots, strikes & civil commotion, malicious damage, war & civil war, mutiny/ coup d’Etal.

Despite the increase in the demand for this type of insurance and the perceived increase in high-profile incidents, “Maksure Risk Solutions a global independent specialist insurance and reinsurance broker with African roots, notes that the insurance premium rates for Political Violence are reducing. ‘We believe that the premiums are going down simply because it is a ‘buyer’s market at this stage” said Knight Mawere, Portfolio Manager � Reinsurance. Insurers are faced with low business opportunities and are thus competing on prices.

If you need an obligation free Political Violence quotation, do not hesitate to contact the Maksure Risk Solutions team at +27 11 805 0086 or email knight@maksure.co.za

Are You Covered for Your Household Contents?

As you increase your personal assets, it is important to know the insurance cover options that can protect you against loss. Today, we are focusing on the most confused insurance types.

Your Household Contents Insurance covers all of your home assets against theft, fire, water damage, accidental breakage, etc. Examples of home assets include TVs, sofas, dining chairs, garden chairs, playstations, kitchen and bedroom assets. Put simply, if you flip your house upside down, minus the roof, all appliances that fall off must be insured as house contents. For that, you must ensure that the sum insured for your house contents is as close as possible to the value of the assets in your home, otherwise when you claim, your insurer will not pay the full value of your loss.

Your All Risk Insurance covers all the valuables you normally take with you outside your house against theft, water damage, accidental damage, etc. Items that are normally insured include laptops, rings, cellphones, golf kits, sun glasses etc. It is best to specifically insure your expensive items. You also have an option to insure your valuables on an unspecified basis. You must keep proof of purchase for your valuables as that allows for smooth and quick claims settlement. Insurance for house contents does not apply for loss of valuables outside your house.

At Maksure, we are passionate about ensuring that we get you the right insurance at affordable premiums. As your insurance broker, we will ensure that you have the right cover for the right risk. That is why we partner with South Africa’s leading insurance companies. We spend time to advise you on your insurance needs as well as craft personalised insurance products for you.

Do you need tailor made insurance? Get an obligation free insurance quote for your personal or business insurance needs. For advice on insurance, contact us at 011 805 0086/ 087 803 5475, email info@maksure.co.za