Did Sasria underestimate the scale of looting claims?
An article in last Thursday’s Moonstone Monitor made mention of claims by the MD of state-owned Sasria that it had more than sufficient cash reserves to honour claims. He is also quoted as […]
Insurance
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 […]
Add-on insurance policies review – Extension for submission of requested information
As a result of increasing concerns that consumers are potentially experiencing poor outcomes emanating from the sale of add-on insurance policies at point of sale through motor dealerships or as part of vehicle […]
Santam loses Business Insurance case – Helpers out, round number two?
On 17 November, the Cape High Court delivered a rather damning blow to the insurance giant’s hope of escaping liability under the business interruption clause, specifically as it relates to losses resulting from […]
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 […]
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 […]
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 […]
Momentum’s 2019 Life Insurance claims statistics – Increase of 30% in claims paid
At its 2020 Risk Summit, Momentum Life Insurance shared the latest claims statistics. The 2019 claims pay-outs were the highest to date at R4.6bn. The 2019 pay-outs were made up of R3.3bn in […]
Long-term insurance a beacon of hope – When days are dark…
The Association for Savings and Investment South Africa (ASISA) just published its half yearly long-term insurance statistics. Seldom has there been a better time to reinforce the importance of life assurance than what […]
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 […]
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 […]
Global Insurance Research – Digital Transformation key for survival
Throughout the world, COVID-19 has been fuelling the acceleration of digital transformation. New research from TransUnion on the performance of insurers during the pandemic also indicates this trend. “The pandemic has sparked a […]
Insurance Fraud – Part of the South African trifle?
Recent announcements by the President and Minister of Finance conveyed the disgust of South African citizens with the rampant plague of theft and fraud permeating the country. A headline in Daily Maverick Citizen […]
Business Interruption Insurance update – Time barring suspended
Guardrisk to appeal judgment In the recent judgment released by the Western Cape Division of the High Court on 6 July 2020, the court found in favour of Café Chameleon CC relating to the interpretation […]
Business Interruption Insurance update – Time barring suspended
Guardrisk to appeal judgment In the recent judgment released by the Western Cape Division of the High Court on 6 July 2020, the court found in favour of Café Chameleon CC relating to the interpretation […]
Business Interruption insurance cover – FSCA raises concerns
In a media release published last week, the FSCA confirmed that the recent judgment (Café Chameleon CC v Guardrisk) is in line with its earlier communication (communication 34 of 2020) and stressed their concern […]
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 […]
