Bestmed and Medihelp announce 2024 contribution increases
South Africa’s ‘Big Five’ medical schemes have published their 2024 contribution increases, and members should prepare to pay significantly more for cover.
Industry News
Non-financial businesses ‘a key priority area’ for Financial Intelligence Centre
The FIC’s intelligence reports contributed to the recovery of more than R5.8bn in criminal proceeds in 2022/23.
Discovery Health’s 2024 contribution increases await green light from CMS
There are concerns that members with Saver plans will experience severe cuts to the allocations to their medical savings accounts.
Global crime index reveals ‘significant expansion’ of financial crimes
South Africa has the seventh-highest criminality score in the world and the third-highest in Africa, according to the Global Organized Crime Index.
Clash of the titans: medical scheme heavyweights announce 2024 contributions
Discovery Health, Bonitas, and Momentum Solutions say ‘increasing financial pressures’ are the reason for the contribution increases.
Discovery and RAF see latest High Court judgment differently
The High Court has dismissed the administrator’s second attempt to compel the Fund to resume processing medical scheme members’ claims.
Bear market in VIX is over – investors are staring down the barrel
Investors are buying more put options than call options, which is driving up market volatility.
RAF amendments ‘will result in higher medical scheme contributions’
The proposed liability exclusions in the Road Accident Fund Amendment Bill will hit medical schemes and short-term insurers hard, legal experts warn.
FSCA publishes draft 2024/25 budget for comment
In line with previous financial years, FSPs will be the main contributors to the Authority’s revenue from levies.
FAIS Ombud budgets for more levy income despite 0% increase
The Office can no longer look to the FSCA to make up for any shortfalls in income.
Ombud Council’s 2024/25 budget reflects shift to operational independence
Bridging finance from National Treasury may not be required now that it has certainty of receiving levy and special levy income.
Law firm off the hook for R2.5m Ponzi scheme claim
Legal missteps in a substitution application have left a R2.5m claim against a law firm implicated in a 2010 Ponzi scheme dead in the water.
Navigating a polycrisis landscape in South Africa
Thabile Nyaba, chief risk and sustainability officer at Old Mutual Insure, shares how the insurance industry can help South Africa to weather the economic and geopolitical storm.
RAF tells medical schemes regulator to butt out of its dispute with Discovery Health
The fund says there is an ‘unholy alliance’ between the Council for Medical Schemes and the administrator to ‘misinform’ medical scheme members.
Taiwan – a country preparing for a possible war
With 12 038km between South Africa and Taiwan, the East Asia island’s woes as it prepares for a possible invasion by mainland China might seem far removed. However, should their ‘non-provocative’ cross-strait policy fail, the fallout will shake the world.
More asset manager consolidation ‘is inevitable’
Mergers and acquisitions will increase because the country’s low savings rate and stagnant economy cannot support the number of fund managers.
‘The free lunch from guarantees may come at a hefty cost’
Investors should remember that the price of the guarantee is not only in the return they lock in, but also in the future returns they give up by being out of equity markets.
