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, […]
Discovery’s long-term and short-term insurance arms delivered contrasting performances in the group’s 2022 financial year, with Discovery Life’s normalised operating profit surging by 200% and Discovery Insure’s tanking 165%, driven mainly by the […]
Bidvest Life recorded the highest number of claims in its 27-year history last year, with claim volumes increasing by 44% compared to 2020. The spike was largely driven by an increase in Covid-19 […]
Policyholders of Constantia Insurance Company Limited (CICL) who have outstanding claims will have to join the queue of creditors if the application to have the insurer liquidated is granted. Last week, the provisional […]
The Council for Medical Schemes (CMS) was engaged in discussions with seven schemes to consider options for members of Health Squared, which intends to apply for voluntary liquidation on 1 September. In a […]
Women hold 47% of life policies, but the value of their cover is much lower than that of men, and few women have sufficient income protection, according to Discovery Life’s analysis of its […]
The extensive flooding and landslides experienced on stretches of the KwaZulu-Natal coastline on 11 and 12 April should serve as a warning to the general population, and more pertinently, to South Africa’s non-life […]
Fires or explosions generated the most expensive losses for South African businesses over the past five years, accounting for 65% of the value of all claims, according to a study by Allianz Global […]
Insured values will become a major discussion point with insureds this year, as high inflation raises the risk of underinsurance for companies and mis-declared values for insurers, according to Allianz Global Corporate & […]
The non-life insurance sector in South Africa, more commonly known as the short-term insurance industry, has arguably experienced its most challenging three years. Although provision was made for possible disasters such as fire […]
The South African Special Risk Insurance Association (Sasria) has paid out R24 billion in claims relating to last year’s unrest. In a statement this week, Sasria said the pay-out represented 80% of the […]
The first case, on which I will not dwell, concerns a claim for business interruption following water damage to a sound system, televisions, camera system, a computer system and a point of sale. […]
Old Mutual paid out R21.2 billion in claims in South Africa last year, 51% higher than in 2020, according to its latest claims statistics report. “The significant increase in pay-outs of 51% bears […]
The South African Special Risk Insurance Association (Sasria) has set a 10-day deadline for the submission of claims related to the unrest in July last year. The 10-day term, effective from June 13, […]
In what is a rare win for an insurer in recent times, the Gauteng High Court’s judgment in Musa v King Price Insurance Co on 9 May highlights the importance of insureds abiding […]
Discovery Life paid claims to the value of R11.79 billion last year, of which R9.1bn was for more than 10 000 individual life claims – an 89% increase in the value of individual […]
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 […]
