JSE-listed Conduit Capital Limited believes the Prudential Authority (PA) acted prematurely when it applied for Constantia Insurance Company Limited (CICL) to be placed under curatorship, saying it was in talks with investors about a possible capital injection. The Gauteng High Court placed CICL under provisional curatorship on 26 July after the PA brought an ex […]
The extensive flooding and landslides experienced on stretches of the KwaZulu-Natal coastline on 11 and 12 April should serve as a warning to the general population, and more pertinently, to South Africa’s non-life insurers and reinsurers that the country is no longer insulated from extreme weather catastrophes. In fact, all stakeholders in the insurance value […]
In the desperate times of the cascading waves of Covid-19, South Africa’s life insurers, and especially group insurers of employee-based schemes, played a critical role in ensuring financial inclusivity by providing insurance cover to claimants. Group policies provided financial assistance to thousands of families who suffered the loss of their loved ones during the pandemic. […]
Financial publication Citywire broke the news late on Friday afternoon that Old Mutual Unit Trust Managers (Omut) has applied to the South Gauteng High Court for leave to appeal the Living Hands judgment. Last month, Judge Thina Siwendu ordered Omut to pay more than R1.7 billion in damages, plus costs, for losses suffered by the […]
The war in Ukraine is having a significant effect on inflation and activity in the world economy as commodity prices have soared and supply chains have been disrupted. Inflation in the G7 was running at more than 7% in April, its highest for 40 years, and will reach double digits in some countries, such as […]
Personal income tax (PIT), value-added tax (VAT) and corporate income tax (CIT) would have to increase by just under 5% to raise R50 billion, or by slightly more than 9% to raise R100bn, if all three taxes were harnessed to fund a basic income grant (BIG), according to a study by research and consultancy house […]
Life insurers reported a significant drop in death claims for the six months to the end of March compared to previous six-month reporting periods since the start of the Covid-19 pandemic. South Africa experienced the fourth wave of Covid infections in December 2021, which peaked during the middle of that month. The Association for Savings […]
In 2020, Magnus Heystek wrote an article titled A truly horrific chart with nowhere for the JSE to hide, in which he compared the returns of various investment options over the previous 10 years. “The market for property syndications – mainly driven by two major players, Sharemax and Picvest – boomed for about 10 years […]
According to a graph in this year’s Old Mutual Savings & Investment Monitor (OMSIM), 72% of respondents expect their financial prospects to improve over the next six months, whereas only 5% believe they will get worse. Old Mutual commented: “These results speak to the resilience of South Africans with a pervading optimism that things will […]
Fires or explosions generated the most expensive losses for South African businesses over the past five years, accounting for 65% of the value of all claims, according to a study by Allianz Global Corporate & Speciality (ACGS). Claims related to faulty workmanship or maintenance were the second-biggest cause of loss (20%) in South Africa. Natural […]
