New year. New challenges.
As 2015 draws to a close, many of us reflect on the year gone by – the achievements, the challenges, and the memories made. As Executive Chairman of IntegriSure, I can look back on 2015 with gratitude and pride. Despite South Africa’s challenging economic environment, we have yet again experienced positive growth.
For this, I would like to thank you, our loyal and valued IntegriSure client.
We believe that our success stems from our dedication to the company’s values, namely integrity, quality, success, and most importantly – people. As our name suggests, integrity is central to everything that we do. We firmly believe it is our duty to protect our clients against life’s uncontrollable dynamics by ensuring that they are adequately insured.
A lean 2016?
Economists are painting a rather bleak picture of what awaits South Africans in 2016. According to a forecast by Barclays, the South African rand will struggle next year, states an article by Pound Sterling Live. “The US Dollar to South African Rand exchange rate is forecast to fall to R15.00 by the middle of 2016 before edging lower to R15.25 by year-end.”
South Africa’s currency has steadily depreciated over the past few years – it has lost more than R10.00 against the Pound since 2010, Business Tech recently stated.
But what does this mean for insured South Africans?
Firstly, a weaker rand will push up the prices for motor parts and electronic goods that are purchased by suppliers in dollars. This in turn affects insurance policies. For example, if you have all-risk insurance for a laptop, we strongly advise that you verify the new replacement cost in 2016, which will likely be higher. The same principle applies for household goods.
In terms of car insurance, fixing the damage to a car after an accident or breakdown will also be more expensive.
We therefor recommend that clients prepare for the coming year by setting aside enough savings on a monthly basis and avoiding unnecessary expenses. We are all tempted to go a bit overboard financially during the festive season, but please don’t let your December indulgences become January’s regrets.
Despite this word of caution, you can rest assured that IntegriSure will continue to safeguard you, our valued client, with the best insurance advice in 2016 and beyond.
We wish you and your loved ones a very joyous festive season and a happy new year. If you are travelling for the holidays, please drive safely.
Executive Chairman: IntegriSure Group