Conventional wisdom says that living expenses rise uniformly with inflation, so many financial plans are based simply on that. But analysing the spending patterns of retirees shows us that the data tells a different story.
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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 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 […]
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 […]
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 […]
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 […]
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 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 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). […]
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 […]
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 […]
As a result of increasing concerns that consumers are potentially experiencing poor outcomes emanating from the sale of add-on insurance policies at point of sale through motor dealerships or as part of vehicle […]
On 17 November, the Cape High Court delivered a rather damning blow to the insurance giant’s hope of escaping liability under the business interruption clause, specifically as it relates to losses resulting from […]
The annual 10X Retirement Reality Report indicates that saving for retirement is effectively insurance against outliving working life. Although this is a valid argument, why does such a high percentage of respondents not […]
Insurance fraud is a world-wide phenomenon, especially during times of economic collapse. The Insurance Council of New Zealand (ICNZ) launched its own fraud bureau last year, and, according to its 2019 data, $688 […]
“Following years of delaying tactics by the accused, designed to avoid prosecution, an insurance broker has been sentenced to seven years imprisonment for insurance fraud and related crimes,” the Insurance Crime Bureau (SAICB) recently […]
At its 2020 Risk Summit, Momentum Life Insurance shared the latest claims statistics. The 2019 claims pay-outs were the highest to date at R4.6bn. The 2019 pay-outs were made up of R3.3bn in […]
