Discovery Life’s individual life cover pay-outs jump 173% in 2021
Discovery Life paid claims to the value of R11.79 billion last year, of which R9.1bn was for more than 10 000 individual life claims – an 89% increase in the value of individual […]
Industry News
High Court lifts Thebemed curatorship
The Pretoria High Court lifted the curatorship on Thebemed Medical Aid Scheme on 27 May, the Council for Medical Schemes (CMS) has announced. The regulator said it brought the application to lift the […]
Discovery Insure launches fire brigade in Joburg
Discovery Insure this week announced it has partnered with Advanced Emergency Management Services (Advanced EMS) to create a fire brigade to protect its clients in Johannesburg. The Fire Force project brings firefighting services […]
Santam takes full control of insurtech JaSure
Santam has acquired full ownership of on-demand insurtech company JaSure, buying out the 49% stake it did not already own. Founded in 2017, JaSure operates through an app, competing with insurtech companies such […]
Shorter deadlines for filing 2022 tax returns
The 2022 tax filing season opens on 1 July. Taxpayers should take note that the deadlines to submit their tax returns are about a month earlier than they were last year. The South […]
Naspers, Sanlam Private Equity make fintech investments
Naspers and Sanlam Private Equity (SPE) have invested in fintech firms recently, with Naspers Foundry investing R40 million in financial advice platform LifeCheq and SPE acquiring a controlling interest in payment solutions provider […]
KZN floods are the biggest natural catastrophe in Santam’s history
Santam’s current “best estimate” of its gross exposure to the KwaZulu-Natal floods in April is R3.2 billion. However, reinsurance cover will limit the net impact to about R500 million, it said in a […]
Momentum reports lower claims impact from Covid
The impact of the fourth wave of Covid-19 on Momentum Metropolitan Holdings’ South African life insurance businesses eased during the nine months to the end of March. In a trading update, MMH said […]
Covid waves see Liberty’s claim pay-outs jump 60%
Claims paid out by Liberty under its flagship Lifestyle Protector policy shot up by 59.6% last year, to R10.12 billion, largely because of the cumulative effects of the Beta and Delta waves of […]
Old Mutual receives more than 2 200 flood claims
Old Mutual Insure (OMI) has received more than 2 200 claims related to the floods in KwaZulu-Natal in April. In a trading update published on 26 May, Old Mutual said reinsurance agreements would reduce […]
Multi-asset unit trusts back in favour with SA investors
South African multi-asset portfolios found favour with investors in the 12 months to the end of the first quarter of this year, according to the Association for Savings and Investment South Africa (Asisa). […]
Failure to avoid FATF’s ‘grey list’ poses a risk to the stability of SA’s financial system
The South African Reserve Bank (SARB) has identified the potential of an unfavourable outcome of the Financial Action Task Force’s Mutual Evaluation of South Africa as a threat to the stability of the […]
Covid in South Africa: what to expect in the short and long term
In light of the approaching winter months, combined with the recent lifting of the national disaster act, South Africans have anxiously been watching an increase in Covid infections. The Conversation Africa spoke to […]
Momentum and Sanlam the only major life insurers to grow new business above pre-Covid levels, says PwC
Momentum Metropolitan Holdings (MMH) and Sanlam are the only major life insurers in South Africa to have grown the value of their new business relative to pre-Covid levels, according to PwC. PwC based […]
Complaints data for short-term insurers
This link will open the complaints data from the Ombudsman for Short-term Insurance’s 2021 annual report. The insurers are sorted by number of complaints per thousand claims (column 5). As the Osti points […]
CMS to take action against actuary over comments about low-cost benefit options
The Council for Medical Schemes (CMS) says it will be taking action against Insight Actuaries & Consultants joint-chief executive Christoff Raath following his comments about low-cost benefit options (LCBOs) on 19 May. The […]
BHF criticises CMS for not updating PMBs and lack of movement on low-cost benefits
The failure by the Council for Medical Schemes (CMS) to review the prescribed minimum benefits (PMBs) regularly is making private healthcare unaffordable for millions of people, according to the Board of Healthcare Funders […]
