As an insurance executive, you know that power outages can cause significant damage to businesses and homes. With Eskom’s recent announcement of a nine-hour power outage in parts of Gauteng, it’s essential to be prepared for such events. In this post, we’ll discuss seven things you should do when power outages strike.

According to a recent article by Nokwanda Ncwane on The South African, Eskom has scheduled maintenance that will result in a power outage in Soweto on Wednesday, 21 August, from 9:00 – 18:00. The outage will affect customers in Mapetla, Molap, Moroka, and Rockville.

1. Review Your Insurance Policies

The first thing you should do is review your insurance policies to ensure that they cover power outages. If they don’t, consider adding coverage for power outages to your policies.

2. Communicate with Your Clients

Communicate with your clients about the power outage and advise them on what to do to minimize damage. Encourage them to unplug all electrical appliances and turn off all lights to prevent power surges when the power comes back on.

3. Prepare for Claims

Prepare for potential claims by ensuring that your claims department is ready to handle claims related to power outages. Make sure that your claims adjusters are trained to handle these types of claims.

4. Consider Parametric Insurance

Consider parametric insurance as a way to protect your clients from power outages. Parametric insurance pays out when specific triggers are met, such as a power outage lasting longer than a certain amount of time. With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modelling, we enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast.

5. Have a Backup Plan

Have a backup plan in place in case of a power outage. This could include having a generator on hand or having a plan to relocate your clients to a temporary location until power is restored.

6. Stay Informed

Stay informed about the power outage by monitoring news sources and social media. This will help you stay up-to-date on the situation and advise your clients accordingly.

7. Follow Safety Precautions

Follow safety precautions during the power outage to prevent injuries and damage. Encourage your clients to treat all electrical appliances as live at all times during the power outage.

In conclusion, power outages can cause significant damage to businesses and homes. As an insurance executive, it’s essential to be prepared for such events. By reviewing your insurance policies, communicating with your clients, preparing for claims, considering parametric insurance, having a backup plan, staying informed, and following safety precautions, you can help your clients minimize damage and recover quickly. Don’t take chances with attention. Get in touch with Riskwolf to develop parametric insurance for your clients.