Santam insurance barometer | Blackouts, vehicle theft claims escalate

JOHANNESBURG - Santam, South Africa's largest short term insurer, released their latest Insurance Barometer Report for 2022/2023.

With no surprise, power cut-related claims escalated exponentially.

Andrew Coutts, Santam Broker Solutions CEO, said clients can take ownership of managing their risks.

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"You are more vulnerable as a consumer when there is no power. So we're seeing people investing in backup power, those become really important," he said.

Coutts said the theft of luxury vehicles is an alarming trend.

"We've had an increase of over 90 percent of theft in high-value vehicles since last year."