ConCourt judgment in Capitec vs SARS clarifies important VAT principles

The decision addresses the recovery of VAT on payments made under loan cover provided free of charge.

Discovery Connect acts against sales agents who manipulated clients’ policies

The Financial Services Tribunal hears the reconsideration applications brought by three of the 15 implicated agents.

Insurers still quantifying losses from Western Cape storm

The City of Cape Town has declared the storm that ravaged the Western Cape over three days in September ‘a major incident’.

Partially fraudulent claim: insured forfeits R1.6m

SCA orders a policyholder to repay Discovery Insure the entire settlement, not only the amount related to the fraudulent part of the claim.

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 […]

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 […]

Discovery Insure launches fire brigade in Joburg

Discovery Insure this week announced it has partnered with Advanced Emergency Management Services (Advanced EMS) to create a fire brigade to protect its clients in Johannesburg. The Fire Force project brings firefighting services […]

Insurance update on KZN floods

The South African Insurance Association (SAIA) says the damage to infrastructure in KwaZulu-Natal as a result of the floods already exceeds R1.1 billion, which was the estimated cost of damage after the flash […]

KPMG survey reveals impact of recession and pandemic on short-term insurance industry

South Africa’s short-term insurance sector experienced a 28% fall in profit after tax (PAT) last year, from R8.3 billion in 2019 to R6bn, largely because of defaults on credit, an increase in net […]