Council mulls outsourcing appeal adjudication amid BHF accusations
The CMS asserts that medical schemes have frequently disregarded the existing appeals procedures, exploiting them to the detriment of members’ interests.
Industry News
South Africa has seen net positive FDI since 2018
SA received foreign direct investment inflows of nearly R100bn in 2023 as non-residents maintained a ‘moderately positive’ view of the country’s business ecosystem.
More than 230 court judgments are late
The Office of the Chief Justice discloses the courts where judgments have been outstanding for at least six months.
CMS denies it is sabotaging medical schemes to boost NHI
The regulator comes out swinging in its response to the Board of Healthcare Funders’ claims of bullying and curatorship abuse.
Ransomware surge signals growing cybersecurity risks, Aon report warns
A number of high-severity ransomware incidents hit insurers’ books in 2023, Aon South Africa’s 2024 Insurance State of the Market Report says.
Weather-related catastrophes ‘signal a looming crisis’ for insurance market
Price increases will be necessary to fund the level of coverage policyholders have previously enjoyed, says Old Mutual Insure.
Hawks investigating reported death of MTI founder Johann Steynberg
Brazilian reports spark speculation as South African authorities probe the circumstances surrounding Steynberg’s alleged death.
SARB hopes new deposit insurance scheme will result in banks paying higher interest rates
Bank Zero’s chief executive agrees that the Corporation for Deposit Insurance has the potential to boost the competitiveness of the new digital banks.
It’s been a lost decade for JSE investors, says Allan Gray
But a co-manager of the Equity Fund believes the domestic exchange offers compelling investment opportunities.
Legal precedent set as Odendaal’s assets forfeited in Steinhoff fraud battle
The SARB has forfeited to the state cash totalling R42m from Berdine Odendaal’s bank accounts, as well as her R18m property in Paarl’s Val de Vie estate.
SARB signals the repo rate may not be cut until 2025
The markets are pricing for a rate reduction next year, and headline inflation is expected to return to the midpoint of the target band only in the last quarter of 2025.
Hefty sentences for members of syndicate who defrauded SARS of R100m
The group claimed R200m in VAT refunds for importing, storing, and selling diesel.
Kamlana urges banks to be fair and transparent when closing customers’ accounts
‘Banks should not simply cite reputational risk; reasons must be concrete and consistently applied to prevent what might appear as arbitrary account closures.’
SCOPA calls for overhaul at Road Accident Fund after ‘disastrous’ legal outcome
It says the RAF board and executives should be held personally responsible for the expenses incurred in the ‘irresponsible’ court action against the Auditor-General.
PPS ‘disappointed’ by 12% decline in new life and risk insurance business
The allocation to members’ Profit-Share Accounts soars from R620 million to R4.54 billion thanks to strong investment returns.
Capitec to launch life cover product in June
The group’s after-tax profit from its insurance business increased by 12%, with its funeral plans now covering more than 12 million lives.
Discovery Life’s claims report: ancillary benefits dominate payouts
Life insurance payouts rose in 2023, while Covid-19 claims fell sharply, indicating the virus’s shift from pandemic to endemic status.
