Insurance premium up by 43% in 3 months

I joined Discovery Insure in Nov 2022. I moved to the Western Cape in Dec 2022 and had a claim for a few items that went missing during the move. I then had another claim (small vehicle claim) due to my daughter reversing into a pole in Oct 2023.

On my annual policy review (Nov 2023), Discovery increased my premium by 23%. I was not happy about this high increase, but their retentions department informed me it is because of the claim loss ratio of the two claims. Although this is steep, I accepted that.

This morning at 10am (26 Jan 2024), I received an email from Discovery Insure, informing me that there will be a policy increase of 20% effective 1 March 2024. Their reason being: "your plan is among those affected by higher claims experience".

I only had these 2 claims and no claim since the previous time they increased my premium for the same reason.

I do not have the loss ratio report yet, but if I do a few sums, I have not claimed more than what I have paid in premiums. I find it very disturbing that Discovery can increase my premium by 43% in a matter of less than 3 months. What would they do if I have a higher value claim e.g. a ****** vehicle? Will they then up my premium by 1000% ? I suspect there must be a mistake in their algorithms which is used by their atcuaries. Perhaps they see my Nov-23 increase as a normal annual increase and now their system penalise me for the 2 small claims.

Their retentions department told me this morning that they cannot escalte the matter and cannot speak to anyone higher up. I guess I can only see if there might be a resolve if I reach out on this platform and perhaps log a case with the Ombudsman. I feel I have already been penalised in Nov-23 for the 2 claims I had and now I am penalised again for the same thing. They is simply bullying their customer.

I expect Discovery Insure to retract the 20% increase they are adding now.

I currently have insurance with them on 2 vehicles, household content, mobile communication devices, mountain bikes, camping equipment and a few other specified items. If they treat me like this, perhaps it is time to go back to one of the bigger repuatable insurance companies in SA.