Navigating 2024: key trends shaping the future of the insurance industry
From global risks to AI advances: experts share their insights into the forces steering the insurance landscape in the year ahead.
Industry News
Time’s ticking for provisional taxpayers to submit Income Tax Returns
With just days left for provisional taxpayers to submit their returns, here is what they need to know to navigate the essentials and avoid penalties.
Insurance leaders urged to chart ethical course in the age of generative AI
The 2024 edition of the annual EY (Ernst & Young) Global Insurance Outlook details the risks, rewards, and a roadmap for the responsible deployment of GenAI in the industry.
Rising CV fraud: how data aggregation platforms safeguard businesses amidst escalating threats
In the battle against fraud, Sameer Kumandan, managing director of SearchWorks, a data aggregation platform, underscores the pivotal role of robust Know Your Customer (KYC) and Know Your Business (KYB) checks.
Momentum Investments’ report signals positive economic trends for 2024
“In the Moment” report projects a decline in fuel prices, a deceleration in food inflation, and the possibility of an interest rate cut in the second quarter.
Shifting risk landscape to impact cost of reinsurance even further
Industry leaders caution against the ‘new normal’ in reinsurance costs, emphasising the need for a comprehensive strategy to navigate escalating challenges.
Loadshedding looms large – SMEs count the cost and explore tech innovations for resilience in 2024
Jeremy Lang, Chief Investment Officer at Business Partners Limited, provides a review of the SME sector in 2023, including key developments, challenges, and the outlook of the sector heading into 2024.
Employers warned of risks posed by chatbots like ChatGPT in the workplace
ENS highlights the threat of ‘conversational AI leaks’, urging employers to monitor unauthorised usage.
FSCA imposes R143m penalty on Classic Financial Services director, creditors unaffected
Jacobus Geldenhuis misused clients’ funds instead of investing in shares, FSCA finds amidst Ponzi scheme investigation.
Scammers forge fake regulatory exam certificates
In their latest scheme, fraudsters are peddling fake Regulatory Examination certificates, utilising the name and logo of Masthead (Pty) along with the FSCA’s.
Insurance crime threatens economic growth: expert urges collaborative action
Dr Jerry Chetty, Head of Business Integrity at Santam, examines the interconnectedness of insurance crime and the need for it to be dealt with as a priority crime.
WhatsApp ‘investment’ scam targets Fedgroup
The FSCA also alerts the public to a cryptocurrency trading platform that is not authorised to render services in South Africa
Old Mutual resolves disputes with staff fired over Covid vaccination policy
What, if anything, was decided about the legality of mandatory vaccinations in the workplace?
Insurers face pricing challenges amid uncertainty in death and disability claims
Discovery Employee Benefits reports on claim trends in its 2023 financial year.
South Africans rally behind local businesses
Santam’s Most Loved Local Report identifies a shift in consumer priorities, as good overall experience and value for money take centre stage.
‘Full implementation’ of NHI will consume a quarter of GDP – cost analysis
‘Real insurance would be achieved if unambiguous private healthcare insurance were fully decriminalised.’
FSCA warns the public of potential pyramid scheme
The Authority also alerts the public to an unauthorised entity that is promising unrealistic returns from forex trading.
