JOHANNESBURG - South Africans are facing renewed pressure from rising fuel prices, with knock-on effects stretching far beyond the petrol pump.
The insurance sector is under strain as rising fuel costs drive up vehicle repairs, transport expenses, and overall claims.
GIB Insurance Brokers said fuel sits at the centre of economic activity, influencing transport, production and the cost of goods and services.
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As these costs rise, insurers are being forced to reassess risk and gradually adjust premiums.
Motor and commercial insurance are hardest hit, with high towing costs, parts delivery expenses, and longer repair times pushing up claims.
Transport businesses, including logistics firms, face added pressure - increasing risk concerns for insurers.
The broker added that global oil prices, currency volatility and geopolitical tensions are fueling inflation, with reinsurance costs also affecting local premiums.