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High Levels of Vehicle Thefts Proving Challenge for Insurers
Mar 27, 2007
Business Against Crime, or BAS, after getting a contribution of over 1.3 Million Rand from the South African Insurance Association (SAIA) to battle against crime, warned that high level of crime in South Africa is weakening the spirits of both domestic and international investors. The BAS presented its views on February 5, 2007 during a media conference in Johannesburg.
The reported cases of vehicle thievery and robberies have reduced on a YOY basis since it touched the pinnacle of 115,557 vehicles in 1998-99. The lowest level was recorded in 2004-05 at 96,291. The South African Police Service released its official statistics for 2005-06 reporting a surge in the thievery of automobiles to reach 85,964.
The rate of vehicle thievery and robbery, which is expressed as the units of vehicles hijacked or stolen per 1,000 registered vehicles, dropped from 175 to 129 per 1,000 vehicles registered for 1998-2004. This forms a reduction of 26% in the vehicle robbery and theft rate.
“It is very much in the interest of the short-term insurance industry that we remain involved in combating vehicle crime. Motor insurance is our largest class of business, with 43% of the industry’s gross premium being motor. Half the net cost of all claims paid is for motor claims. During 2004, for example, of the total value of net claims of R15.4bn, R7.6bn was for motor claims. Approximately 30% of these motor claims relate to vehicle crime”, said Barry Scott, Chief Executive, SAIA.
According to the RNCOS report “South Africa Insurance Industry Analysis (2006-2009)”, around 43% of total insurance claims are vehicle related. Hence, the rising instances of vehicle thievery have been a barrier for the insurance firms to remove in terms of claims.
The market research report compiles the detailed information on market share of motor insurance by general segment, by cell captive segment, by specialist segment, and by bank segment with statistical data. The report also gives a radical analysis of the South Africa insurance sector, industry performance subsuming segmentation by product and players, with focus on property, transportation, accidental and health insurance and other non-life insurance. Those who want to foray into the market will find the ‘opportunities, driving forces, and challenges’ section extremely helpful in understanding the insurance landscape in South Africa.
For more information visit: http://www.rncos.com/Report/IM075.htm
For more information visit: http://www.rncos.com/Report/IM075.htm
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