High Court provides guidance on BI claims by multiple policyholders under one policy
AIG rejected claims by aviation companies whose operations at different premises were impacted by the lockdown and Covid-19.
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Animated video explains the two-pot retirement system
NCA Credit providers’ FICA obligations
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Is South Africa on track to getting off the grey list?
Looking back at this year’s FPI Professional’s Convention
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Webinars on how to investigate misconduct and address poor performance
Asisa red-flags high number of policy surrenders and lapses
Policyholders and beneficiaries receive claims and benefits payments worth R578 billion in 2022, the second-highest paid in a year.
Top insurance risks to guard against in 2023
These risks will significantly affect those who don’t have the right cover in place or no cover at all, says Old Mutual Insure.
Santam pays record R29.8bn in claims in 2022
Another year of high pay-outs following Covid in 2020 and the unrest in 2021.
Strong demand for funeral cover despite tough environment, says Clientèle
Financial services group red-flags higher-than-expected policyholder withdrawals.
BrightRock squashes rumours about ‘hidden reason’ for Sanlam buy-out
BrightRock paid out over a billion rand in claims in 2022, which was more than the total claims paid in its first seven years in the market.
Ruling in dispute between Road Accident Fund and Discovery Health over claims
Medical schemes and administrators now know whether they can continue to claim from the RAF on behalf of their members.
Higher death rate among younger, upper-income earners – Discovery data
Another trend is the marked increase in death claims due to heart conditions and cancer.
FAIS Ombud’s report identifies FSP ‘problem areas’
These include delays with funeral policy claims, advice to clients who buy living annuities, and insurance policy disclosures.
Funeral insurance – a product for the poor, or is it?
Statistics indicate that 42% of South Africans had funeral cover in 2021, down from 53% in 2019. This is surprising considering that the pandemic increased claims, as well as people’s fear of death, the world over and significantly impacted the funeral insurance market and the claims environment.
Why insurance premium increases are unavoidable
Santam’s executive head of commercial and personal intermediated business, Andrew Coutts, has issued a communication to intermediaries setting out the factors that have made premium increases unavoidable. Coutts said households and businesses have […]
Open medical schemes yet to regain beneficiaries lost during lockdown
Lives covered by open schemes declined in 2021 despite the increase in the number of principal members.
Preventing a disconnect between client expectations and policy conditions
In a recent article, I quoted from a review conducted by Allianz Global Corporate & Specialty (AGCS) that examined developments in corporate insurance claims and highlighted the top causes of loss for companies, […]
Update from Health Squared’s provisional curator
Members who migrated to other medical schemes can only ask for waiting periods to be waived.
FAQ document for Constantia Insurance policyholders looking for answers
Unfortunately, the answers, including those where vehicles are at repair shops, will probably not bring them much cheer.
Momentum Metropolitan’s 2022 earnings surpass those in pre-pandemic 2019
Momentum Metropolitan Holdings (MMH) delivered normalised headline earnings of R4.383 billion in the year to 30 June, significantly higher than the R1.007bn in the previous financial year, following the less severe impact of […]
Santam repricing its book to take account of inflation and other cost pressures
A “concerted set of underwriting actions” were under way to reprice Santam’s book, to take account of the inflationary and other pressures that were pushing up the cost of claims, Sanlam’s chief executive, […]
