Tag Archives | ASISA


ASISA publishes claims statistics – Spike in fake death claims, decrease in non-disclosures

According to the 2018 consolidated statistics of fraudulent and dishonest claims, published by the Association for Savings and Investment South Africa (ASISA), fraudulent and dishonest insurance claims decreased, but still remain a serious problem. Life insurers specifically reported a huge spike in fraudulent death claims. In 2018, South African life insurers detected a total of […]

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The prescription of assets – ASISA’s position

ASISA has recently added the following to their website: Their position on the prescription of assets; A PowerPoint presentation by Gill Raine, senior policy adviser at ASISA; and A column on the topic by Olano Makhubela, Divisional Executive: Retirement Funds Supervision at the Financial Sector Conduct Authority (FSCA). In ASISA’s positioning document it is stated […]

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New ASISA Retirement Fund Standard – Enabling review and comparison of charges on products

Members of umbrella retirement fund solutions will be able to assess the total impact of charges on their individual retirement benefits from next year October, when members of the Association for Savings and Investments South Africa (ASISA) implement the new Retirement Fund Standard: Effective Annual Cost (EAC) for Individual Fund Members. The ASISA Board of […]

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Unclaimed policy benefits – ASISA members using tracing activities to honour claims

ASISA’s members united policyholders, beneficiaries, investors & heirs with unclaimed assets of R8.1bn last year. According to a recent ASISA news release, unclaimed assets of R17.1bn remain, but members will honour claims no matter how long it takes for the legal owners to come forward. Rosemary Lightbody, the senior policy adviser at ASISA, says despite […]

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ASISA Retirement Savings Cost Disclosure Standard

– Aims to build trust not expose hidden costs “Big financial services companies may soon need to find new ways to pad their earnings, as a new industry standard is threatening to expose the financial service sector’s worst kept secret – hidden fees.” BusinessTech 7 April 2019 These and many other media reports recently commented […]

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Local CIS industry grows investor assets to R2.3 trillion

The Association for Savings and Investment South Africa (ASISA) recently released the Collective Investment Schemes (CIS) industry statistics for the quarter and year ended June 2018. The statistics show that the strong net inflows in the second quarter pushed total net inflows for the 12 months to the end of June 2018 to R96 billion. According to ASISA, investors […]

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Long term Insurance Industry Statistics 2017

Every year when I read these statistics, I wonder whether there is enough appreciation in government circles for the contribution made by the industry to alleviate the burden on the state. The 2017 long-term insurance industry statistics released on 14 March 2018 by the Association for Savings and Investment South Africa (ASISA) show that despite the healthy […]

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ASISA Comments on Twin Peaks

Rosemary Lightbody, Senior Policy Advisor at the Association for Savings and Investment South Africa (ASISA), recently provided insight into ASISA’s views on a number of important aspects concerning Twin Peaks. In an article in the latest FSB Bulletin she comments, amongst others, on the following: Exclusion of the NCR from Market Conduct Regulation We value […]

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Benefit payments from life insurers

ASISA reports that, despite strong economic headwinds, South African life insurers honoured claims by policyholders and beneficiaries worth R458 billion in the year ended 30 June 2017. This represents a 9% increase in benefits paid, compared to the previous 12-month period. At the same time life insurers managed to grow assets by 2% to R2.7 trillion. In addition, industry […]

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