Where we came from

All about Qantam

Qantam, as it was then constituted, opened its doors in 1987 to offer the first specialised insurance valuation services on the globe, thus fulfilling a pressing need in the private insurance market. Traditionally, insurance companies have placed the responsibility for fixing a sum insured on their clients. Some state this in their policy conditions. Many clients are unaware of current replacement costs of their goods and the fact that insurance is on the basis of “new-for-old”. When there is a substantial claim and a valuation has not previously been completed, insurers pay an assessor to value the insured goods and often apply Average (underinsurance penalty).

Fortunately, times have changed and most leading insurers now recognise the value of valuations at inception of the policy and many underwriters and insurers pay for our services as a value-added-benefit to all parties.

Qantam has now completed over 110 000 household and building valuations. Recent statistics show that 79.4% of South Africans are underinsured by 51.9% of the value of their possessions, whilst a mere 20.6% are overinsured by 27.9%.

This can prove to be financially crippling for an underinsured client, if there is a substantial loss. It is better to find out before there is a claim so that all parties are aware of what to expect should an unfortunate loss take place.