People’s expenses change in retirement. Shouldn’t their income too?

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.

Monday briefing: a round-up of recent financial services news

Ruling on written-off car | Grid failure exclusions | Residential solar CoC | Coronation judgment implications | Grey-listing risk

Conduit Capital selling life and health insurance business so it can stay afloat

Liquidation of Constantia Insurance Company has affected the group’s ancillary insurance businesses.

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.

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, […]

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, […]