Grace period doesn’t prevent insurers from rejecting a claim
Some insurers send SMS or email reminders, but it is the policyholder’s responsibility to ensure that an overdue premium is paid.
Insurance
Misclassified vehicle use – a reminder to provide adequate advice
An FSP failed to ensure that a client was made aware of the implications of modifying his policy, resulting in an insurance claim denial.
Increase in penalty for late insurance returns
The FSCA has raised the maximum daily penalty for late submissions under insurance legislation by 4.39%.
Enhanced underwriting and pricing drive Old Mutual Insure’s performance
The operating profit more than doubled in 2024, while gross written premiums increased by 9%.
Judgment in Delta case highlights D&O insurance limitations
With directors held accountable for undisclosed deals and conflicts of interest, the judgment brings to light the crucial issue of whether D&O policies will stand behind executives embroiled in misconduct.
Sanlam fires on all cylinders, delivering strong earnings and new business
The group recorded double-digit earnings, robust new business volumes, and an increased dividend, all underpinned by its tri-regional focus.
Sanlam advances Assupol integration to strengthen retail mass operations
With the integration of Assupol well under way, Sanlam is working to streamline its operations and enhance its market position.
Santam’s earnings surge despite troubling weather and vehicle claims
Nearly all business units report strong growth in new business volumes.
Where consumers spend and where they try to save
A DebtBusters study provides interesting insights into how South Africans in different income bands prioritise their spending outside of debt repayments.
Implications for the insurance industry of expropriation without compensation
Although expropriation itself is generally an excluded event, there may be knock-on effects that could impact the insurance sector.
Landmark ruling by UK court in business interruption test case
South Africa’s courts have taken much guidance from the judgments emerging from the United Kingdom relating to Covid-19.
Navigating prescription periods: SA insurers and foreign jurisdiction risks
The complexities of prescription periods and cross-jurisdictional disputes can lead to significant insurance reserving and cost implications.
Video interview: New mutual insurer enters the market
CEO Michele Jennings says glu targets a wider audience with straightforward products and digital innovation.
Expired driving permit was not material to the loss, non-life ombud rules
The insurer argued the hijacked vehicle should not have been on the road because the driver’s PrDP had expired.
Removal firm fined for offering insurance without authorisation
The FSCA fines Kings International Removers R1.1 million and debars its owner for eight years.
PPS takes its mutual insurance model to the broader SA market
It says the new business division, called glu, provide members with straightforward insurance solutions and profit-sharing.
Insurance pioneer Douw Steyn passes away aged 72
His legacy includes a groundbreaking approach to selling insurance, building Steyn City, and a commitment to community development.
