Future-proof cover critical as multiple illness claims climb
Discovery Life’s claims report reveals a sharp rise in repeat severe illness claims and a growing need to factor child protection into long-term insurance strategies.
#insuranceclaims
Life insurers pay a record R639 billion in 2024
Sales of recurring-premium savings policies continued to improve, while lapses of risk policies declined.
FSP pays R50 000 settlement because of missing record of advice
A complaint over a claim for stolen jewellery prompts the FAIS Ombud to emphasise the importance of maintaining a proper record of advice.
OUTsurance’s interim results: strong growth amid Irish losses and ESOP transition
Despite the wind-down of OUTsurance’s employee share ownership plan, CEO Marthinus Visser says the transition to a Customer Shareholding Plan will maintain employee motivation.
Burial society ordered to pay after failing to inform policyholder of premium hike
The FAIS Ombud found that Luvuyo Burial and Consulting failed to comply with the Policyholder Protection Rules.
Landmark ruling by UK court in business interruption test case
South Africa’s courts have taken much guidance from the judgments emerging from the United Kingdom relating to Covid-19.
FSCA wants to know number of personal lines claims in 2024
The information will help the Authority to monitor the extent to which insurers are delivering fair outcomes for consumers.
Expired driving permit was not material to the loss, non-life ombud rules
The insurer argued the hijacked vehicle should not have been on the road because the driver’s PrDP had expired.
Don’t let non-disclosure sink your business: insurance insights for owners
Business owners who neglect to inform their insurers of changes risk denied claims, policy voidance, and even lawsuits.
Jewellery insurance: don’t let warranty clauses take you by surprise
The FAIS Ombud warns that failing to adhere to warranty clauses – such as storing jewellery in a safe when not worn – can significantly reduce claim payouts.
Tribunal ruling draws clear line on Adjudicator’s jurisdiction over unapproved disability claims
The ruling underscores that disputes over unapproved disability claims underwritten by insurers through employer-held policies must be addressed with employers and insurers.
Court ruling highlights discovery dispute in R16-million insurance claim
The High Court has dismissed challenges by a policyholder accused of defrauding Discovery Life of more than R16m in disability and income protection claims.
How financial advisers can attract millennials with income protection solutions
Bidvest Life’s Nic Smit suggests shifting from the traditional approach of leading with death coverage to focusing on income protection when engaging younger clients.
FAIS Ombud’s report highlights pitfalls in client communication
From misrepresented investment products to overlooked policy details, the cases show how advisers can better serve clients by providing clear, timely, and relevant information.
Survey highlights recovery in SA insurance industry
Non-life insurers bounced back from a loss of R16.7bn in 2022 to a profit of R13.7bn in 2023, while life insurers posted significant profit growth, says KPMG.
Life insurers pay out R298bn as policy lapses remain a concern
ASISA advises consumers to take a holistic view of their finances and avoid hasty decisions that could leave them unprotected.
Sasria aims to reintroduce R1bn cover amid rising reinsurance costs
Sasria’s five-year strategic plan includes the reintroduction of R1bn excess of loss cover and expanding its coverage for events such as natural disasters.
