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 […]
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 […]
The Ombudsman for Short-term Insurance (Osti) has once again flagged the increase in the number of complaints from consumers whose claims are rejected because insurers allege the driver failed to exercise reasonable precaution […]
The 10 days of unrest in KwaZulu-Natal and parts of Gauteng in July last year wiped out the South African Special Risk Insurance Association’s cumulative retained earnings of more than R8 billion, incoming […]
The South African Insurance Association (SAIA) says the damage to infrastructure in KwaZulu-Natal as a result of the floods already exceeds R1.1 billion, which was the estimated cost of damage after the flash […]
Old Mutual Insure has followed South Africa’s largest short-term insurer, Santam, in excluding certain types of non-physical damage from its business interruption cover, because it can no longer reinsure these events. Read: Santam […]
Some 60% of South Africans report having an insurance product, and insurance penetration, measured using premiums as a percentage of GDP, was 13.7% in 2020 – one of the highest in the world, […]
I commented last week on the difficulty experienced by insurers to obtain irrefutable proof where there are suspicions that someone involved in an accident may have been driving under the influence of alcohol […]
Policyholders and beneficiaries received claims and benefit payments worth R608 billion from South African life insurers in 2021, the highest paid in a single year, according to statistics released by the Association for […]
The South African insurance industry is a vital socio-economic sector that provides a critical safety net to society. This was crystalised in 2021 as we continued to grapple with the fallout from the […]
My colleague Mark Bechard’s article on the increase in rejected claims because of reckless driving raises a few interesting questions about the possible use of technology when investigating such claims. The Ombudsman for Short-term […]
Santam paid out R24.5 billion (2020: R21bn) in claims last year, the highest gross claims pay-out in its 104-year history, the country’s biggest short-term insurer said in its financial results for the year […]
Insurers that belong to the SA Insurance Association (SAIA) should not reject claims solely because a driver’s licence has expired. SAIA was responding to a question about the implications for drivers who are […]
South African life insurers paid 99.3% of all claims against fully underwritten individual life policies in 2020 to a value of R20.6 billion. The 2020 death claims statistics for fully underwritten individual life […]
Discovery Group Risk has reported a huge increase in the number and value of claims in its 2021 financial year because of the impact of Covid-19. “The 2021 financial year saw large increases […]
Covid-19 has overtaken cancer, heart and artery disease as the primary cause of death among Discovery Life clients, according to the insurer’s claims data for 2020. Furthermore, deaths due to Covid-19 in the […]
Five medical schemes – including Discovery, the country’s biggest by number of beneficiaries – paid commissions to brokers above the industry average last year, according to the Council for Medical Schemes (CMS) annual […]
