Secondary

Archive | Paul’s Perspective

complaints-08

It is time to clean up the mess

“When I read about the evils of drinking, I gave up reading.” – Henny Youngman This reflects how I feel lately when scanning a variety of publications every day to stay abreast of developments in the country and the industry. Mark Bechard’s recent article on the latest decision by the Financial Services Tribunal (FST) concerning […]

Continue Reading
cybersecurity

Preventing a cyber-attack and insuring against the resulting losses

A recent study titled “The State of Cybersecurity in South Africa” provides an update by the same research company that conducted similar research in 2019. Some of the findings then were quite scary, looking at today’s reality: The biggest shortcoming in cybersecurity preparedness then was outdated software, with 77% of IT decision-makers reporting that it […]

Continue Reading
flood-relief

Freedom’s just another word

The government’s call for assistance from the business world to get the economy going again is hopefully a welcome change in the view that private enterprise is in competition with it. The perceived success of the president’s investment summits is a clear indication that businesses, both local and international, are willing to participate to restore […]

Continue Reading
sugar-coffee

Adding sugar to the Cofi?

Business Day reported on an FSCA briefing for the select committee on finance on Tuesday on the current status of the Conduct of Financial Institutions (Cofi) Bill. “The Treasury is processing the bill. Treasury deputy director-general Ismail Momoniat, who is in charge of tax and financial sector policy, said on Tuesday that it should be […]

Continue Reading

dispute-resolution

Stretching the boundaries beyond credibility

Access to free informal dispute resolution mechanisms was guaranteed to attract the attention of those with nothing to lose. Two recent decisions by the Financial Services Tribunal confirm the lengths to which some people will go to achieve an outcome in their favour. In the first case, the applicant appears to follow the very popular […]

Continue Reading
eskom

Santam phasing out BI cover for power cuts

Santam, South Africa’s leading non-life insurer, issued an “operational circular” on 15 March that could have a significant impact on commercial clients’ existing cover for business interruption resulting from extended cover for losses emanating from public utilities and/or public telecommunications. It appears that the aftershock of claims emanating from Covid-19 resulted in a review in […]

Continue Reading

Article Photos Template17032

The onus of proving driving under the influence of alcohol

I commented last week on the difficulty experienced by insurers to obtain irrefutable proof where there are suspicions that someone involved in an accident may have been driving under the influence of alcohol (DUI). An article in the Ombudsman’s Briefcase provides insight into how the Ombudsman for Short-term Insurance approaches such cases. Most vehicle insurance […]

Continue Reading
telematics

Will loyalty programme devices be used to refute claims?

My colleague Mark Bechard’s article on the increase in rejected claims because of reckless driving raises a few interesting questions about the possible use of technology when investigating such claims. The Ombudsman for Short-term Insurance (Osti) quotes two case studies. In the first, the insurer was ordered to pay a claim after the Osti found that […]

Continue Reading
SA Corona Virus Online Portal Logo
CLICK HERE FOR MORE INFORMATION