Why insurance policy renewals are important

Non-life insurance policies are originally issued for a 12-month period and they must be renewed annually on the anniversary date of inception of the policy. This renewal is effectively the continuation of cover, which is extended when both parties agree to continue with the relationship for another year. Insurance companies review the premiums, terms and conditions of the policy based on the performance of the client’s portfolio. It is then up to the client to accept these terms or ask for alternative options from their broker.

Your annual renewal also provides an important opportunity to review your policy and determine if anything needs to be amended:

For Businesses

  • Review your current assets and the replacement values of those assets, as well as revenue sums insured
  • Review how your business may have changed, such as new markets entered, or new products manufactured
  • Review limits of indemnity, especially for liabilities
  • Review coverage for uninsured risks
  • Review risk management strategies and self-retention philosophy

For Individuals

  • Have you done any renovations or additions at home that affect the replacement value of the building?
  • When last did you check the replacement value of your contents, to avoid underinsurance through inflation?
  • Have any expensive items been purchased, such as jewellery or electronic equipment, which may need to be specified and valued?
  • Check eligibility for no-claim discounts that may be applicable at renewal
  • Update vehicle details and values, including extras, finance arrangements, car hire, etc.

Policy renewal is the most opportune time to identify gaps in your current cover, due to changes in lifestyle or business. It is prudent to have a discussion with your broker a couple of months prior to your renewal to seek advice on covering these changes and perhaps ask them to test the market by obtaining alternative quotations.

Reach out to an Indwe advisor for the right risk and insurance advice. Visit or send an email to

Indwe is an authorised Financial Services Provider. FSP: 3425

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