This webinar took place on Thursday 8 December 2022.
Insurance challenges you can expect in 2023.
For our last webinar in 2022, we discussed current trends and challenges faced by the insurance industry post-COVID.
Market analysts are predicting that insurance premiums will rise considerably in 2023 and that major losses in the sectional title industry will lead to underwriting guidelines being tightened. It is becoming increasingly common for special policy conditions and insurance cover exclusions to be applied to higher risk buildings.
What insurance challenges should you expect in 2023? We asked the experts in the field for advice on how to deal with these challenges.
Our expert guests for this webinar were Sharne Van Schoor from CIA Building Insurance Specialists and Mike Addison from Addsure. From water ingress to subsidence claims, we reviewed issues that have been on the radar in 2022 and attempt to forecast what scenarios are likely to feature 2023.
Thank you to our sponsors:
BCMTrac provides innovative scheme management software to community scheme managers. With a user-friendly dashboard, BCMTrac offers an accessible financial accounting application with comprehensive reporting capability and communications modules, streamlining our clients’ business and saving them time. BCMTrac – Financial accounting and communications, simplified. www.bcmtrac.co.za
MeetingPal is a system specifically developed for the management of virtual meetings for Sectional Title Schemes and Homeowners Associations in full compliance of the STSM Act and adaptable per MOI. Owners can access the MeetingPal voting system as a mobile App or as a webpage making voting easy and convenient. www.meetingpal.co.za
PKF Octagon provides complete audit, accounting, tax and consulting services to meet the specific reporting and financial needs of all residential and commercial bodies corporate and community schemes. We are a proud member of PKF International, a global family of independent firms bound together by a shared commitment to quality and integrity in a complex regulatory environment.www.pkfoctagon.com
Sectional Title Solutions is focused on providing value-add solutions to community schemes nationwide that reduce cost, generate revenue and increase property value. Solutions offered include innovative Funding and Treasury, Efficient Energy, Smart Technology, Legal Advisory and a host of other service solutions. Building sustainable relationships, helping our communities thrive. www.stsolutions.co.za
As one of SA’s largest Community Schemes insurance providers, CIA understands the unique and growing challenges faced by today’s Bodies Corporate, their trustees and managing agents. Our Community Living Insurance Policy has been designed to cover all types of residential, commercial and industrial community and sectional title schemes. www.cia.co.za
WeconnectU offers the most advanced end-to-end body corporate and HOA management solution that addresses all core business processes of professional community management. We help property managers overcome their greatest challenges: Compliance, manageability, scalability, profitability, and empower them to create optimal efficiency and complete transparency. WeconnectU – Transforming the Property Management industry. www.weconnectu.co.za
ZDFin is a specialist finance company providing smart solutions for community schemes. With a wealth of practical experience in property and financial management and an understanding of the challenges, their range of targeted financial products can be tailored to meet the specific needs of your scheme. www.zdfin.co.za