SCOPA says the RAF 1 form may have kept claims out of the system, leaving the Fund exposed to a wave of unrecognised liabilities if it is set aside.
When it comes to the life insurance sector, South Africa has one of the most competitive insurance markets in the world, with a mature, established industry that serves middle- and upper-income clients, and […]
The FSCA has proposed amending the Short-term Insurance Act regulations to exempt independent intermediaries from commission clawbacks when a policy is voided because of material misrepresentation or non-disclosure by the policyholder. Regulation 5.4 […]
Old Mutual turned in a strong performance in the year to the end of December, despite the negative impact of Covid-19-related death claims, with the group’s retail segments paying some R13 billion in […]
Employees must ensure they have nominated beneficiaries on their unapproved group life and funeral policies. If they don’t, the benefit will be paid to the deceased estate, incurring unnecessary delays and costs. This […]
A new Code of Practice reaffirms employers’ right to introduce vaccine mandates and tightens the grounds on which employees may refuse to be vaccinated. Employment and Labour Minister Thulas Nxesi gazetted the “Code […]
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 […]
On Monday, the Labour Court in Johannesburg delivered its first judgment on when a Covid vaccination policy in a workplace will be lawful. In December 2021, a company called Ernest Lowe sent a […]
With new acting CEO Khandani Msibi at the helm in 2021 it might have seemed that the problems plaguing 3Sixty Life, the insurer owned by the National Union of Metalworkers (Numsa), would be […]
The Commission for Conciliation, Mediation and Arbitration (CCMA) has ruled that the dismissal of an “anti-vaxxer” was fair but in the same breath found the employer to be at fault for sending him […]
South African life insurers reported a 53% surge in death claims between 1 April and 30 September 2021 compared to the same period in pre-Covid 2019, according to statistics released by the Association […]
Policyholders and beneficiaries received claims and benefit payments worth R608 billion from South African life insurers in 2021, the highest paid in a single year, according to statistics released by the Association for […]
Higher mortality claims knocked Momentum Metropolitan’s operating profit in the six months to the end of December, declining by 12% to R785 million compared to the first six months of the 2021 financial […]
The FSCA is ramping up its efforts to trace unclaimed benefits and wants retirement funds and administrators to provide it with information, every three months, about their paid-up members, in addition to information […]
“How much can I claim back from my Steinhoff losses in the current process?” This is a question we have heard frequently over the past few weeks, but which we have not seen […]
In September 2020 the cracks in the finances of 3Sixty Life, the life insurer wholly owned by the National Union of Metalworkers of SA (Numsa) through the Numsa Investment Company, started to show. […]
The South African insurance industry is a vital socio-economic sector that provides a critical safety net to society. This was crystalised in 2021 as we continued to grapple with the fallout from the […]
The group risk market has been “consistently under-pricing” premiums for pandemics, and Sanlam hopes that “more rational pricing” will prevail in future, Sanlam’s financial director, Abigail Mukhuba, said during the group’s annual results […]
