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Sectional Title owners are experiencing insurance premium shocks this year as insurance companies and re-insurers rethink the risks associated with building insurance.
Insurance loss ratios are calculated by dividing the total amount paid out in claims by the total of premiums collected in a certain period, and in a ST scheme this ratio ideally needs to be between 35% and 55% for the insurance company to stay in business and meet certain conditions set by the Financial Sector Conduct Authority.
“In recent years, however, insurance companies have had to pay out many millions more Rand than they anticipated due to whole complexes being inundated by floods, lost in landslides and totally destroyed by fire. Due to the unreliability of the electricity grid, there have also been many more claims related to power failures and surges.
In addition, he notes, many ST insurance companies are increasing the excess amounts payable per “insured event” – and in terms of ST legislation, it is the individual section owner claiming from insurance that is responsible for paying the excess – not the body corporate as a whole.
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