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Tag Archives | Insurance

business-interruption-claims

Progress report on claims processing under Business Interruption Insurance

Feedback from a Whatsapp group of policyholders affected by the drawn-out saga around business interruption as a result of the Covid-19 pandemic indicates that there is widespread confusion and dissatisfaction about how the quantum of the claims are being assessed. Most concerns centre around how insurers calculate “savings” and government assistance in the form of […]

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Retirement_

Retirement – Why people have no plans in place

The annual 10X Retirement Reality Report indicates that saving for retirement is effectively insurance against outliving working life. Although this is a valid argument, why does such a high percentage of respondents not have a plan? Here are some of the reasons emanating from the survey: ● I cannot afford to save; I have nothing […]

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lawss

Insurance fraud – Global spike due to COVID-19

Insurance fraud is a world-wide phenomenon, especially during times of economic collapse. The Insurance Council of New Zealand (ICNZ) launched its own fraud bureau last year, and, according to its 2019 data, $688 million out of the $1.31 billion in paid claims is estimated to have been a result of insurance fraud. “That number is […]

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insruancefraud

Insurance fraud – Broker gets seven year prison sentence

“Following years of delaying tactics by the accused, designed to avoid prosecution, an insurance broker has been sentenced to seven years imprisonment for insurance fraud and related crimes,” the Insurance Crime Bureau (SAICB) recently reported. After numerous red flags were raised, following suspicious claims submitted by a broker on behalf of his clients, a member of […]

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Insurance Claims Administrator Qualification – Get recognition for your hard work and experience

Did you know that your “on the job training” and years of experience in handling claims can now lead to you obtaining a formal, recognised qualification? Recognition of Prior Learning (RPL) is the key that opens this door. What is Recognition of Prior Learning? Recognition of Prior Learning (RPL) is a process by which individuals […]

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finance

Insuring portfolios – Are all risks covered?

CIO Greg Hopkins of PSG Asset Management recently asked whether investors are really covering all the risks in their portfolios and points out that investors should not just be insuring their portfolios against the most obvious and visible risks. “On Tuesday, Stats SA announced that the country’s GDP had fallen by 51% in the second […]

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