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Growth in luxury brands in SA calls for specialised insurance

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Growth in luxury brands in SA calls for specialised insurance

Global consultancy Bain has predicted a 20% to 30% growth in the luxury brands market in South Africa over the next five years indicating the increased buying power in the country. However, owners of luxury brand items may be at an increased risk of underinsurance or even be unable to replace the item with the same brand.


This is according to Christelle Fourie, Managing Director of MUA Insurance Acceptances, who says consumers pay a premium for the bespoke design of their luxury brand items and expect them to be properly replaced should something become damaged, lost or stolen. “However, many general insurance providers do not factor in the premium that is paid for designer brands into their claims settlement approach.”

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Last modified on Thursday, 15 August 2013 13:33
Christelle Fourie

Christelle Fourie

Managing Director of MUA Insurance Acceptances a leading insurance underwriter of personal lines insurance for the Executive motor, classic car and home market with policies catering for the specific insurance needs of high valued vehicles and high net worth individuals. MUA is a wholly owned subsidiary of Hannover Re through the shareholding ownership of Lireas Holdings (Pty) Limited and the risk is carried by Compass Insurance Company Limited.

Website: www.mua.co.za

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