Increase 6 times inflation

Item: Naked Insurance
Rating: 1
Author: Sibusiso M

This company is ****. They increased my building insurance from R88 to R135, which is 53%, while inflation sits around 6%. Not only that, they increased the excess from R5000 to R7000… mind you, I have never had a single claim with this company, nor have I had any claims for my buildings with any other company I have been with in the past

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Replies (1)

Naked Insurance's replyOfficial

18 Mar 2024, 08:42

Hi Sibusiso, Your updated premium reflects our current view of how likely you are to claim and what that claim will cost. Many different things feed into this updated view. Here are some of the most common ones:

General inflation on retail products and services
Exchange rates, especially where imported parts will be needed to do repairs or replacements
Changes in things like the conditions of the roads or increased power interruptions leading to more power surges
Changes in crime rates in your area or the actual claims experience of the specific item you are insuring, etc.
Your claims history
Any changes in your personal profile like your age

We are happy to answer any other questions you might have.

Best regards,

Naked Insurance's reply18 Mar 2024, 08:42

Official

General inflation on retail products and services
Exchange rates, especially where imported parts will be needed to do repairs or replacements
Changes in things like the conditions of the roads or increased power interruptions leading to more power surges
Changes in crime rates in your area or the actual claims experience of the specific item you are insuring, etc.
Your claims history
Any changes in your personal profile like your age

We are happy to answer any other questions you might have.

Best regards,