A proactive risk advisory business model is key to survival
If you think that a “business as usual” approach is all that is required in the future, you are in for a rude awakening. In a recent media release, Andrew Coutts, the head […]
Insurance
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Watch: FPI Financial Planner of the Year on key issues shaping the financial landscape
Animated video explains the two-pot retirement system
NCA Credit providers’ FICA obligations
NCR Desktop Audits
Is South Africa on track to getting off the grey list?
Looking back at this year’s FPI Professional’s Convention
Enhance your HR skills by attending our insightful webinars in November
Webinars on how to investigate misconduct and address poor performance
Regulating insurance commission has failed dismally since 1977
The fallacy that insurance commission is the root of all evil has led to numerous failed attempts to regulate it. Dr Brian Benfield, a retired professor from Wits’ Department of Economics, holds nothing […]
How intermediaries can overcome client objections
When it comes to finance, we assume people are rational, so we give people more information and longer documents and explain the actuarial principles in the hope that they will result in their […]
How intermediaries can have better conversations with their clients
Clients often find insurance conversations challenging. They want to get through them quickly and enter them with a preconceived idea of what they want to talk about. But intermediaries can have more meaningful […]
Former Land Bank Insurance head takes over at Sasria
The South African Special Risk Insurance Association (Sasria) has appointed Mpumelelo “Mpumi” Tyikwe as its new chief executive, effective 7 April. Outgoing incumbent Cedric Masondo, whose term ends in May, is set to […]
FSCA is concerned about life insurance premium increases
The FSCA says it will continue to ensure that insurers adopt “a fair and balanced approach” towards premium increases, while taking into account the valuable role the insurance industry has played in difficult […]
Why insurer changed its mind after declining a claim
The question of full disclosure at the time of application, as well as during the term of a policy, came to the fore in a recent article published in Rapport. After first repudiating […]
Santam phasing out BI cover for power cuts
Santam, South Africa’s leading non-life insurer, issued an “operational circular” on 15 March that could have a significant impact on commercial clients’ existing cover for business interruption resulting from extended cover for losses […]
Insurers making increasing use of ‘reckless driving’ clause to reject claims
Insurers are disputing or rejecting an increasing number of motor vehicle accident claims on the grounds that the insured was speeding, and consumers should be made aware of the implications of the reasonable […]
Will loyalty programme devices be used to refute claims?
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 […]
Adviser obligations regarding disclosure of material terms and conditions of a policy
The need to explain material terms was never more clearly illustrated than during the pandemic outbreak in February 2020 and the subsequent lawsuits that really harmed the industry’s reputation. Of course, if we […]
FSCA extends exemption on payment for collecting premiums
The FSCA has extended for 12 months, to 31 January 2023, the exemption that allows independent intermediaries to receive compensation, over and above commission, for performing activities that support the direct collection of […]
FSCA wants to know number of personal lines claims in 2021
The FSCA has told all licensed non-life insurers that belong to the Ombudsman for Short-term Insurance (Osti) to provide the authority with the number of personal lines claims reported in the 2021 calendar […]
What constitutes “access-controlled” premises?
What does “access control” mean for the purposes of an insurance policy? The answer to this question was at the heart of a complaint that came before the Ombudsman for Short-term Insurance (Osti). […]
What constitutes “access-controlled” premises?
What does “access control” mean for the purposes of an insurance policy? The answer to this question was at the heart of a complaint that came before the Ombudsman for Short-term Insurance (Osti). […]
Did Sasria underestimate the scale of looting claims?
An article in last Thursday’s Moonstone Monitor made mention of claims by the MD of state-owned Sasria that it had more than sufficient cash reserves to honour claims. He is also quoted as […]
Progress report on claims processing under Business Interruption Insurance
Feedback from a Whatsapp group of policyholders affected by the drawn-out saga around business interruption as a result of the Covid-19 pandemic indicates that there is widespread confusion and dissatisfaction about how the […]
