Despite a brief respite, South Africa is likely to experience stages 4 to 6 load-shedding during periods of high electricity demand for the rest of 2023. With this, power-surge damage remains a risk for households and businesses alike, causing unexpected expenses and endless headaches.
In fact, in the 2023 financial year, Discovery Insure saw an increase of almost 60% in power-surge claims compared to the same period last year.
“Discovery Insure keeps its finger on the pulse with changing risks. We also monitor and understand changes in behaviour that impacts risk,” says Discovery Insure CEO, Robert Attwell. “Right now, we need to ask ourselves as an industry – what can we do better?”
As a leader in the short-term insurance environment, Discovery Insure continues to add tangible value to people’s everyday lives. One way Discovery is “doing better” is helping clients protect their homes against unnecessary costs due to power surges.
A power surge is an unexpected spike in the voltage supplied to an electrical circuit. These spikes can cause additional heat due to the flow of electric current which can damage the circuits in appliances and electronics. Power surges can happen if there’s an issue with nearby transmission lines or transformers, and they can be triggered by load-shedding’s on/off nature.
However, an easy way to prevent sensitive electronics and large appliances from getting damaged is to have power-surge protection.
In line with Discovery’s shared-value approach, Discovery Insure has launched a partnership with Takealot to help clients get power surge protection devices at a discounted rate.
From 1 November until 31 January 2024, Discovery Insure clients with building or household contents cover can get up to 25% off on selected power surge protection devices from Takealot.
Discovery simply sends a unique code by SMS if a client has building or household contents insurance with Discovery Insure. In turn, they can select a qualifying device on Takealot and then redeem the code before paying.
There’s still a long way to go on South Africa’s Just Transition journey, as only 8% of the country’s energy comes from renewables (the global average is 29%) and 6% from a combination of nuclear and diesel-fuelled open cycle gas turbines.
South Africa still generates 86% of its power through coal – the highest of the G20 countries. In the meantime, Discovery Insure’s shared-value insurance model continues to underpin a proactive, instead of reactive, approach in the short-term risk space, and surge-protection accessibility is one such example of this proactivity.
Since its launch in 2011, Discovery Insure has been committed to improving people’s lives by creating greater value for clients and positively impacting the country at large. “We are always looking to expand our reach and impact,” says Attwell. “Giving our clients greater accessibility to power-surge protection through our partnership with Takealot is one of many ways we’re doing this.”