Status Insurance Brokers

24/08/2020

Cancelling one's insurance policies wholly is not an option Status Insurance Brokers advocate as this reduces the extent of your cover, and places you and your assets at great risk. Reducing costs does not have to mean cancelling policies; it’s not an all or nothing scenario. If it something you are thinking about you should consider that less than 35% of vehicles in South Africa are insured; an unbelievable 65% of vehicles aren’t insured. What this means is that if you are uninsured, you will have to rely on the other person’s insurance to cover you in the event of a crash, if the other person has insurance (and, given the numbers, this is unlikely).

14/08/2020

https://businesstech.co.za/news/trending/402223/these-are-the-most-complained-about-insurance-products-in-south-africa-2/

The Ombudsman for Short-Term Insurance (OSTI) expects a surge in Covid-19 complaints around business disruption and travel in the next financial year.

03/08/2020

Status Insurance Brokers insures cargo throughout Southern Africa and aims to be the preferred Insurance broker for goods in transit insurance. We believe in establishing a long term relationships with our clients and provides added service by customizing our policy to cover a range of risks. At Status Insurance Brokers we will assess your individual requirements and provide you with a tailor-made comprehensive solution.
https://statusib.co.za/goods-in-transit-insurance/

27/07/2020

COMMERCIAL SECTIONAL TITLE COVER - This Policy is designed to provide an all-inclusive product for sectional title property complexes.
• Commercial complexes and developments.
• Light industrial complexes and developments.
• Homeowners associations.
**The policy complies with all the relevant sectional title legislation**

20/07/2020

Typical policies for business interruptions or booking cancellations don’t include pandemic cover, which is the case with the majority of insurers in South Africa and abroad, Santam said in an email. Business interruption is usually triggered by physical damage, such as a fire, and policies don’t generally make provision for losses sustained during a lockdown. “The reality is that no insurer can afford to offer widespread pandemic coverage within its standard policies, the premiums would be too high and it would become unaffordable for the majority of businesses,” Santam said.

15/07/2020

According to Guru.co.za Technology is changing the Insurance industry The Insurance Industry is finally beginning to adapt to a technological world – and we’re going to see some incredible changes.Behaviour Tracking - Devices such as Discovery DQ-Track or wearables like Fitbit have given insurers some insight into our behaviour. Other insurers utilize machine learning technology to form smart recommendations on insurance policies, based on your social media. It may even have a look at your Facebook account data to assess your proclivity for risks. Now, those offering car insurance know if you drive properly or not. Those offering life insurance will know if you exercise or live a healthy lifestyle. This allows them to adjust their prices accordingly and offer low-risk clients better rates.

10/07/2020

08/07/2020

With social distancing measures in place across the country, Status Insurance Brokers are making sure their employees and customers stay safe by keeping the claims process digital. With our hands-on process you may not see a change at all. Our full-service online app makes it possible for potential customers to find a no obligation free quote tool at their fingertips. Only time would tell the extent to which the outbreak would affect business and the ability of existing policies to protect businesses from similar challenges in the future. The financial losses arising from the outbreak are likely to be felt for years to come. It will take a careful analysis of the relevant policies of a business to ascertain whether that business is entitled to indemnity under its policies for losses arising from the outbreak.

03/07/2020

The topic of solvency can get complex very quickly. When considering this topic, it's helpful to start with some grounding definitions. Put very simply, Investopedia says that “solvency refers to an enterprise's capacity to meet its long-term financial commitments”1. Wikipedia says that “a solvency ratio measures the extent to which assets cover commitments for future payments, the liabilities”2.What everyone wants to know is - how will COVID-19 and the related financial markets impacts affect the insurers' solvency positions? But more importantly, will the impact be so significant that it threatens the very existence of certain insurance companies themselves? Reviewing several of the 2019 year-end filings, multiple analyst reports and commentaries, it is safe to say that as an industry, and across several geographies, it was generally felt that insurers were well capitalized. Now, all of these views were largely prior to the difficult events that started in late 2019 and have really taken off in earnest in March 2020 (for most of the world). This means that if insurers were generally well capitalized, the question at hand is not will solvency ratios decrease? - let me answer that right now. For most if not all insurers, solvency ratios will likely decrease as a result of the volatile financial markets impacting insurers' assets as well as other impacts on the liability side. But just because solvency ratios decrease, this does not mean that there is a big problem in the insurance industry.

21/06/2020

Public liability is the legal liability a business owner can incur towards members of the public who either come onto their business premises or to whom they provide a service. Even businesses with the best intentions and exceptional quality control in their manufacturing and other processes are not immune to third party approaches. Businesses rely on employees to carry out their work and no matter how thorough their processes or supervision are, accidents and mistakes can still happen.

15/06/2020

With our home insurance option, you’re covered for the loss of, or damage to, items in your home, which belong to you and the people who live with you. Your home contents are covered.
https://statusib.co.za/insurance-companies/