New report maps insurance risk patterns, urges shift to proactive strategies
Standard Insurance’s five-year analysis discloses the main perils affecting businesses and households, and when and why policyholders are most likely to claim.
Insurance
Santam’s GWP up 10% as international business surges by 25%
For the six months to June, Santam reports net income growth of 19%, with a underwriting margin of 11.3% – well above its target range.
South African insurers harness AI to spot risks sooner and serve clients better
From early-warning systems in liability cover to behaviour-based motor premiums, local insurers are adapting AI tools to South Africa’s unique risks.
High Court allows OMART to search underwriting manager’s premises
Old Mutual Alternate Risk Transfer wants to access data held by SA Guarantee Specialists after discovering that offshore guarantees were issued without authorisation.
Insurer told to withdraw advert that promoted discrimination
The ARB found that the ad’s analogy between greeting a taxi driver in the ‘wrong’ language and driving without insurance relied on a harmful stereotype.
Treasury wants insurers to assume more municipal disaster risk
The government will engage the sector on the potential for parametric insurance to improve South Africa’s approach to disaster risk.
Why insurance plays a limited role in municipal risk financing
A study says the reasons include underinsurance, poor maintenance, claims processing delays, and market constraints.
The case for blending traditional and self-insurance
By combining traditional cover for catastrophic losses with self-insured retention for routine claims, businesses can transform a ‘grudge purchase’ into a source of financial control.
Santam set to launch Lloyd’s syndicate this year
The anticipated gross written premium for 2026 is between R6.9bn and R9.2bn.
Actuaries forge new path for life and health insurers to quantify climate risk
The first Mortality and Morbidity Impact Assessment Framework guides insurers through a structured approach to evaluate long-term climate-driven health risks.
FAIS Ombud highlights need for follow-up when a policy changes materially
Determination says a ‘reasonable broker’ would supplement a bulk email with an email or phone call to ensure the client is aware of new conditions.
Five things vehicle owners should know about hijackings and theft
Vehicles fitted with multiple tracking devices are more likely to be recovered. If hijackers disable one tracker, the backup can still guide response teams to your car.
Subrogation ruling ‘has far-reaching consequences’ for insurers
The ruling requires insurers to plead subrogation and join as parties in civil actions, departing from long-standing practice that allows insurers to step into their insured’s shoes without separate citation.
Insurers using tech to beat scammers at their own game
Beyond one-off fakes, syndicates are exploiting AI to reuse damage photos and cloned invoices across multiple claims.
Full disclosure is essential as farming operations evolve
Changes such as joint ventures, investing in infrastructure, and switching to higher-value crops can introduce risks that may not be covered.
Consumers adjusting insurance covers to cope with rising cost of living
Santam says clients are opting for core covers only, part-insuring assets, increasing excesses, and taking risk-mitigation measures to reduce premiums.
Crime, fire, and weather remain key drivers of commercial claims
Theft under property covers remains the leading driver of crime-related claims, even as overall crime claims dipped in 2024, Santam reports.
