Insured values will become a major discussion point with insureds this year, as high inflation raises the risk of underinsurance for companies and mis-declared values for insurers, according to Allianz Global Corporate & Specialty’s 2022 Claims Review. In a high-inflation environment, it is important that businesses regularly monitor the value of assets, as well as […]
Akani Retirement Fund Administrators says it intends to take legal action following what it called the FSCA’s “unlawful” search and seizure operation at its premises. It said this action would include applying to set aside the search warrant, which it said the FSCA had obtained without notice to Akani. In a brief media release dated […]
In its response to the High Court’s decision in the Living Hands matter, Old Mutual said it was concerned about the precedent that the judgment sets “for the rest of the financial services industry as it relates to managing funds on behalf of trustees”. Read: Old Mutual to appeal R1.7bn judgment in favour of Living […]
Old Mutual says it will file an application to appeal against the judgment by the South Gauteng High Court ordering Old Mutual Unit Trust Managers (Omut) to pay more than R1.7 billion in damages, plus costs, for losses suffered by the Living Hands Umbrella Trust in relation to the Fidentia scandal. The court ordered Omut […]
The authorities will roll out a number of measures in the coming months to regulate crypto assets and boost the legitimise use of the technology, Kuben Naidoo, deputy governor of the South African Reserve Bank (SARB), told a recent PSG Think Big webinar. Naidoo denied that South Africa was “behind the curve” when it comes […]
The South African Special Risk Insurance Association (Sasria) has paid out R24 billion in claims relating to last year’s unrest. In a statement this week, Sasria said the pay-out represented 80% of the 21 000 claims lodged with the state-owned insurance company since the unrest in KwaZulu-Natal and parts of Gauteng. It said there were […]
Germany’s financial supervisory authority has fined Steinhoff International Holdings a total of €11.29 million (about R192m) for breaching financial regulations. The multinational retailer has a primary listing on the Frankfurt Stock Exchange and a secondary one on the JSE. BaFin said in a brief statement that the sanction related to contraventions of the Securities Trading […]
Inflation worldwide is on the rise, driven by fuel price hikes, the energy crisis and rising food prices. Locally, inflation is at its highest level in five years. The sharp rise in inflation has seen central banks responding by hiking interest rates. Rising interest rates are impacting the performance of financial assets across the board. […]
Members of the Association for Savings and Investment South Africa (Asisa) united policyholders, beneficiaries, investors and heirs with unclaimed assets worth R22.7 billion in 2021, Asisa said in a statement. The assets were held in 77 790 risk policies, savings and investment policies, annuity polices and accounts in collective investment scheme portfolios. These unclaimed assets […]
Bestmed, Fedhealth and Medshield have had the highest average annual contribution increases among the top open medical schemes over the past 15 years, according to Alexander Forbes Health’s 2021/22 Medical Aid Insights. Read: Medical schemes are robust with healthy reserves, Sustainability Index shows Alexander Forbes Health’s analysis found that the average contribution increases of the […]
