Never ending premium increases

  Good day Jelique B 
Thank you for sharing your concerns.

Your premium has not been increased by 51% however  the were additions to your portfolio wich led to a noticable increase in total premium.

- 06/11/2020 contents cover added at R571.00
- Vehicle cover went up by R130 at 1st anniversary 
 Following your recent interaction with our admin team , it came to light that you were displeased with the said.  In determining a premium many factors come to play which ultimately yields to one aspect; your risk profile.  Risk is a combination of hazards measured by probability. A condition in which a loss or losses are likely to happen or unlikely.  Looking at your claims record we noted an average of 3 claims per year between since inception with a significant Loss ratio at 70% with an ICS score on 3.   To keep premiums fair between all our clients, we only increased the premiums of clients who have had several claims over the last three years.  Since the insurance premiums of all are used to pay the claims of those who have suffered a loss, this once-off premium increase ensures that all Discovery Insure clients have access to a fair claims process and receive the correct claim payouts, even in abnormal circumstances.  The insurance is constantly calculating “data” and has to ensure that this 'rand swooping exercise' where losses may be inevitable or not ,allows for the business to cover the insured as expected.  We therefore affirm that the increase is in line with the given current economic environment (vehicle and part shortages and abnormal power surge and weather events) as we are experiencing unprecedented increases in claims costs. 

Your profile is not projecting a discount at this stage.

We encourage you to consider adding our vitality drive benefit and take advantage of the cash back rewards.

Regards
Discovery Insure