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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