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 […]
Industry News
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 […]
10 take-aways from the long-term insurance ombudsman’s annual report
The Ombudsman for Long-term Insurance (Olti) released its annual report for 2021 last week. Here are 10 key take-aways from the report: 1. R200m recovered for complainants The Olti recovered R200 689 324 […]
Life insurers that attracted the most and least complaints in 2021
This link will open a table of the 2021 complaints data of the 51 life insurers that subscribe to the Ombudsman for Long-term Insurance. The table lists the insurers by each insurer’s complaints […]
‘Low-cost benefit framework could give a third of South Africans access to basic private health care’
Up to 20 million low-income South Africans could afford basic private healthcare services if the Council for Medical Schemes (CMS) developed a framework for low-cost benefit options (LCBO), according to Business Day. The […]
Business interruption-related complaints account for nearly half of Osti settlements
Only 259 of the new complaints registered by the Ombudsman for Short-term Insurance (Osti) last year were related to Covid-19. But settlements in Covid-related business interruption (BI) complaints accounted for 49.5% of the […]
Osti flags increase in disputes due to ‘reasonable precaution’ clause
The Ombudsman for Short-term Insurance (Osti) has once again flagged the increase in the number of complaints from consumers whose claims are rejected because insurers allege the driver failed to exercise reasonable precaution […]
R8bn in retained earnings wiped out in days
The 10 days of unrest in KwaZulu-Natal and parts of Gauteng in July last year wiped out the South African Special Risk Insurance Association’s cumulative retained earnings of more than R8 billion, incoming […]
FNB the only major bank to buck trend of higher complaints
First National Bank (FNB) was the only bank among the country’s “big five” banks that recorded a decrease in the number of cases opened against it by the Ombudsman for Banking Services (OBS) […]
NHI is necessary and morally correct, says Gore
Discovery chief executive Adrian Gore has told Business Day that the proposed National Health Insurance (NHI) system is “a moral imperative” for the country that he supports fully, although he said it would […]
BHF seeks Competition Act exemption to publish reference price list
The Board of Healthcare Funders (BHF), a representative association for medical schemes, has applied for an exemption from provisions of the Competition Act so that it can publish a scale of benefits after […]
10X Investments to buy CoreShares
10X Investments has agreed to a 100% cash purchase of CoreShares, creating a full-service South African indexing investment specialist with more than R31 billion in assets under management. The deal is subject to […]
Syndicates commit murder, stage hit-and-run accidents to defraud life insurers
Life insurers’ fraud investigations have turned up more evidence of deathly get-rich schemes in which syndicates take out funeral insurance on victims they subsequently kill in order to submit a claim. Syndicates, particularly […]
Big increase in fraudulent and dishonest risk cover claims in 2021
Life insurers detected 4 287 fraudulent and dishonest claims worth R787.6 million across all lines of risk business in 2021. This is a 34.5% increase in the number of such claims from 2020, […]
Dis-Chem data breach affects 3.68 million customers
One of Dis-Chem’s third-party service providers suffered a data breach on April 28, affecting more than 3.68 million of its customers, according to a notice posted on Dis-Chem’s website on Wednesday. It said […]
Santam takes full control of Indwe Broker Holdings
Santam, South Africa’s largest non-life insurer, has taken full control of Indwe Broker Holdings after acquiring the shareholding from African Rainbow Capital Financial Services and Sanlam. Before the transaction, Santam held 24% of […]
