Open medical schemes yet to regain beneficiaries lost during lockdown
Lives covered by open schemes declined in 2021 despite the increase in the number of principal members.
claims
Preventing a disconnect between client expectations and policy conditions
In a recent article, I quoted from a review conducted by Allianz Global Corporate & Specialty (AGCS) that examined developments in corporate insurance claims and highlighted the top causes of loss for companies, […]
Update from Health Squared’s provisional curator
Members who migrated to other medical schemes can only ask for waiting periods to be waived.
FAQ document for Constantia Insurance policyholders looking for answers
Unfortunately, the answers, including those where vehicles are at repair shops, will probably not bring them much cheer.
Momentum Metropolitan’s 2022 earnings surpass those in pre-pandemic 2019
Momentum Metropolitan Holdings (MMH) delivered normalised headline earnings of R4.383 billion in the year to 30 June, significantly higher than the R1.007bn in the previous financial year, following the less severe impact of […]
Santam repricing its book to take account of inflation and other cost pressures
A “concerted set of underwriting actions” were under way to reprice Santam’s book, to take account of the inflationary and other pressures that were pushing up the cost of claims, Sanlam’s chief executive, […]
Vastly different financial results from Discovery’s insurance arms
Discovery’s long-term and short-term insurance arms delivered contrasting performances in the group’s 2022 financial year, with Discovery Life’s normalised operating profit surging by 200% and Discovery Insure’s tanking 165%, driven mainly by the […]
Bidvest Life’s claim volumes jump 44% in 2021
Bidvest Life recorded the highest number of claims in its 27-year history last year, with claim volumes increasing by 44% compared to 2020. The spike was largely driven by an increase in Covid-19 […]
Constantia’s policyholders with claims will have to join the queue of creditors if the insurer is liquidated
Policyholders of Constantia Insurance Company Limited (CICL) who have outstanding claims will have to join the queue of creditors if the application to have the insurer liquidated is granted. Last week, the provisional […]
CMS to oppose Health Squared’s bid for voluntary liquidation
The Council for Medical Schemes (CMS) was engaged in discussions with seven schemes to consider options for members of Health Squared, which intends to apply for voluntary liquidation on 1 September. In a […]
Few women have enough income protection, says Discovery Life
Women hold 47% of life policies, but the value of their cover is much lower than that of men, and few women have sufficient income protection, according to Discovery Life’s analysis of its […]
Global warming warnings: insurers must heed the KZN floods
The extensive flooding and landslides experienced on stretches of the KwaZulu-Natal coastline on 11 and 12 April should serve as a warning to the general population, and more pertinently, to South Africa’s non-life […]
Top causes of business insurance claims in South Africa
Fires or explosions generated the most expensive losses for South African businesses over the past five years, accounting for 65% of the value of all claims, according to a study by Allianz Global […]
High inflation ‘is raising the risk’ of under-pricing and underinsurance
Insured values will become a major discussion point with insureds this year, as high inflation raises the risk of underinsurance for companies and mis-declared values for insurers, according to Allianz Global Corporate & […]
Tough times call for innovative thinking
The non-life insurance sector in South Africa, more commonly known as the short-term insurance industry, has arguably experienced its most challenging three years. Although provision was made for possible disasters such as fire […]
About 20% of unrest claims still outstanding
The South African Special Risk Insurance Association (Sasria) has paid out R24 billion in claims relating to last year’s unrest. In a statement this week, Sasria said the pay-out represented 80% of the […]
The importance of timely notification of a potential claim
The first case, on which I will not dwell, concerns a claim for business interruption following water damage to a sound system, televisions, camera system, a computer system and a point of sale. […]
