Store consultant’s relationship to the insurer proves decisive in ombud’s ruling
Claim was rejected because the phone was not used with the SIM card encoded with the number listed on the policy schedule.
Short term insurance
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Golfer lands in the rough with hole-in-one insurance claim
The insured submitted that, in terms of the policy, he was entitled to the maximum indemnity.
Santam introduces exclusions for losses following loadshedding and other electricity grid interruptions
No doubt, other insurers will soon follow suit.
FAIS Ombud’s report identifies FSP ‘problem areas’
These include delays with funeral policy claims, advice to clients who buy living annuities, and insurance policy disclosures.
Directors of Insure Group Managers take their debarments to the FST
Tribunal considers whether the insurers in some way gave their consent to IGM investing the premiums in illiquid assets.
Why insurance premium increases are unavoidable
Santam’s executive head of commercial and personal intermediated business, Andrew Coutts, has issued a communication to intermediaries setting out the factors that have made premium increases unavoidable. Coutts said households and businesses have […]
Preventing a disconnect between client expectations and policy conditions
In a recent article, I quoted from a review conducted by Allianz Global Corporate & Specialty (AGCS) that examined developments in corporate insurance claims and highlighted the top causes of loss for companies, […]
A state-owned company made the biggest contribution to the ST insurance industry’s profits in 2021
South Africa’s short-term insurance industry reported gross written premiums (GWP) of R131.6 billion last year, an increase of 7% from 2020, according to KPMG’s latest survey of the insurance sector. “This is a […]
Santam repricing its book to take account of inflation and other cost pressures
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, […]
Old Mutual Insure signs agreement to buy Genric
Old Mutual Insure on Monday announced that it has signed a share purchase agreement to acquire 100% of niche short-term insurer Genric for an undisclosed amount. Genric partners with and has equity interests […]
Tough times call for innovative thinking
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 […]
About 48% of PPS’s claims in 2021 were Covid-related
PPS Life Insurance paid Covid-19-related claims of R1.4 billion in 2021, which was 36% higher than in 2020, when claims were 45% up from 2019, the mutual insurer said in its annual report […]
Managing customer perceptions and expectations in a post-Covid environment
A very popular management guide, Leadership Secrets of Attila the Hun, written by Wess Roberts in the late 1980s, contained reflections on leadership that formed the core of many a management course. Some […]
Only 19% of South Africans are insured when funeral cover is excluded
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, […]
Key trends in the short-term insurance industry
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 […]
R3.2bn of Santam’s record R24.5bn claims pay-out went to BI policyholders
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 […]
Short-term policyholder concerns, then and now
Events over the past year, both locally and internationally, have shifted the focus on a number of material terms and conditions in policy documents. Pre- and post-Covid A media release published in November […]
