Insurers are removing themselves from insuring against a total grid failure. 🔌🙁 loadshedding GridCollapse Find out more here ⬇️
Although government says a total electricity grid failure is highly unlikely, there have been calls for insurers to prepare their clients should it happen. The implementation of stage 6 rolling blackouts, compounded by various other internal challenges at Eskom, has seen predictions that national grid failure may be an imminent possibility.
“The resultant failure of refrigeration systems could also lead to major stock losses for food-related businesses, as well as South African households. The knock-on effect of grid failure would also impact the national water and sanitation systems, possibly leading to a lack of water supply or reduced water pressure.
She says in the same way the ‘duty of care’ clause relates to the client’s obligation to exercise due care to avoid or minimise loss or damage. This could include ensuring that electric fencing security systems have adequate backup power and battery supplies to remain functional during prolonged power cuts.“In the event of a claim, whether related to grid failure or not, the insured will likely be called upon to produce proof that these obligations were met.
Insurance advisers will play a vitally important role if the grid fails to ensure that insurers remain financially viable and that the confidence of the clients who support the industry can be retained. Van der Linde says effective risk management involves identifying potential risks, assessing how likely they are to happen, what their impact may be and how you can minimise or mitigate them. “Once you have determined these elements it is essential to put the right measures in place and formulate a risk management plan.”A risk assessment to identify all potential risks and consider the possible resultant damage.
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