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.
Underwriting
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Santam reports 34% net income growth despite rising weather-related claims
The group attributed the turnaround in motor insurance to managing claims inflation and improving risk selection, resulting in a significant reduction in claims frequency.
Santam’s bold strategy curbs underwriting challenges, drives growth
Santam will ramp up efforts to tackle increased weather- and fire-related risks by implementing measures such as adjusting premiums and setting stricter risk limits.
Insurance leaders urged to chart ethical course in the age of generative AI
The 2024 edition of the annual EY (Ernst & Young) Global Insurance Outlook details the risks, rewards, and a roadmap for the responsible deployment of GenAI in the industry.
How to navigate the nuances of motor insurance to prevent claim rejections
As car insurance underwriting becomes increasingly intricate, brokers play a crucial role in informing clients of the distinctions between private and business usage.
South Africa’s insurance industry faces an uphill battle
Aon’s 2023 State of the Market Report unveils troubling trends as South Africa’s insurance landscape grapples with various challenges.
Will insurtech disruptors topple insurance giants?
Old Mutual Insure’s chief commercial officer weighs in on the trends set to define the short-term industry over the next decade.
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.
OM declines claim on grounds of non-disclosure
“Husband’s moles cost widow R2m,” screamed the headline. The article, which appeared in Rapport on 5 June, sketched the background to yet another claim refuted on grounds of non-disclosure. Background The client was […]
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 […]
Underwriting at claims stage – National Treasury raises concerns
When it comes to insurance, the payment of claims is top of mind for most clients. Ultimately risk cover is there to protect a policyholder when the unexpected happens. It is therefore concerning […]
