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Tag Archives | Insurance

money-market

Business Interruption Insurance – FSCA cracks the whip

FSCA Communication 34 of 2020 contains details of the Regulator’s views on the contentious issue of business interruption (BI) insurance in the wake of Covid-19. In virtually all cases, insurers denied liability. In response to a multitude of complaints from policyholders, the FSCA requested details of the various policy wordings, and published Communication 34 to provide […]

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digital

Digital impact on insurance market – Intermediary role still important

“Technology, data, cultural and behavioural change of the consumer is transforming the role of the broker – and the importance of advice – in South Africa’s intermediary insurance market,” according to an article on the Techfinancial website. “In today’s digital era customers expect instant and ubiquitous service and this is driving innovation within the global […]

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Document

Joint Communication 4 of 2020 – Clarification on regulatory requirements applicable to funeral insurance policies

“The Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA) (jointly referred to as the Authorities) have received requests for clarity in respect of the perceived regulatory inconsistency in the application of the maximum prescribed amounts as these amounts relate to the Funeral Class of insurance business. More specifically, the concerns raised related to […]

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insurancess

Reintroducing third party insurance – Welcomed by most insurers

About 70% of the approximately 12 million cars on South Africa’s roads are not insured. Insurers have therefore welcomed the government’s proposal, announced in the recent Budget speech, to make third-party insurance compulsory for all vehicle owners in South Africa. In a recent Business Day article insurance company Naked, an artificial intelligence-driven insurance provider, commented that […]

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corona

Coronavirus – Possible impact on the insurance industry

Although South Africans are assured that measures are in place to detect, manage and contain any cases of the Coronavirus, what will the impact be on the insurance industry? “Don’t look for much relief from insurers to cushion losses from cancelled events, travel disruptions and potential medical claims from the deadly Covid-19 virus that’s sweeping […]

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