Why policyholders complained to the short-term ombudsman in 2023

‘Lack of maintenance or wear and tear’ gave rise to most of the disputes in several categories of insurance.

King Price plans to ‘go big’ with life insurance

King Price Insurance plans to “go big” with its life insurance business in the next quarter and is expanding its footprint in Europe. Chief executive Gideon Galloway said the insurer has grown by […]

FSCA fines Poneso Consulting and Poneso Employee Benefits

The FSCA announced this week that it has imposed a fine of R200 000 on Poneso Employee Benefits and Actuarial Consultants (Pty) Ltd and Poneso Consulting (Pty) Ltd for contravening a provision of the […]

High Court lifts Thebemed curatorship

The Pretoria High Court lifted the curatorship on Thebemed Medical Aid Scheme on 27 May, the Council for Medical Schemes (CMS) has announced. The regulator said it brought the application to lift the […]

Discovery Insure launches fire brigade in Joburg

Discovery Insure this week announced it has partnered with Advanced Emergency Management Services (Advanced EMS) to create a fire brigade to protect its clients in Johannesburg. The Fire Force project brings firefighting services […]

FSCA investigating trading platform Regenesis Markets

The FSCA says it is investigating contracts for difference provider Regenesis Markets (Pty) Ltd following complaints from clients that they have not received their funds after submitting withdrawal requests. Regenesis Markets, which is […]

Santam takes full control of insurtech JaSure

Santam has acquired full ownership of on-demand insurtech company JaSure, buying out the 49% stake it did not already own. Founded in 2017, JaSure operates through an app, competing with insurtech companies such […]

CIS managers don’t have to obtain an investor’s advanced electronic signature

The FSCA has exempted managers of collective investment schemes from having to obtain an advanced electronic signature (AES) from an investor when transacting online. An AES is a type of digital signature. In […]

Shorter deadlines for filing 2022 tax returns

The 2022 tax filing season opens on 1 July. Taxpayers should take note that the deadlines to submit their tax returns are about a month earlier than they were last year. The South […]

Naspers, Sanlam Private Equity make fintech investments

Naspers and Sanlam Private Equity (SPE) have invested in fintech firms recently, with Naspers Foundry investing R40 million in financial advice platform LifeCheq and SPE acquiring a controlling interest in payment solutions provider […]

Deadline for financial sector B-BBEE compliance reports

The Financial Sector Transformation Council (FSTC) has given entities operating in the financial sector until 12 August to submit their broad-based black economic empowerment (B-BBEE) compliance reports for 2020/21. Section 10(4) of the […]

KZN floods are the biggest natural catastrophe in Santam’s history

Santam’s current “best estimate” of its gross exposure to the KwaZulu-Natal floods in April is R3.2 billion. However, reinsurance cover will limit the net impact to about R500 million, it said in a […]

FSCA fines Brite Advisors and former director R12.5m

The FSCA has fined Brite Advisors South Africa (Pty) Ltd and a former director of the group, Nigel James Green, a total of R12.5 million. The Authority said an investigation found that Brite, […]

Covid waves see Liberty’s claim pay-outs jump 60%

Claims paid out by Liberty under its flagship Lifestyle Protector policy shot up by 59.6% last year, to R10.12 billion, largely because of the cumulative effects of the Beta and Delta waves of […]

Old Mutual receives more than 2 200 flood claims

Old Mutual Insure (OMI) has received more than 2 200 claims related to the floods in KwaZulu-Natal in April. In a trading update published on 26 May, Old Mutual said reinsurance agreements would reduce […]

Multi-asset unit trusts back in favour with SA investors

South African multi-asset portfolios found favour with investors in the 12 months to the end of the first quarter of this year, according to the Association for Savings and Investment South Africa (Asisa). […]

Complaints data for short-term insurers

This link will open the complaints data from the Ombudsman for Short-term Insurance’s 2021 annual report. The insurers are sorted by number of complaints per thousand claims (column 5). As the Osti points […]