Non-life insurers deliver strong performance in 2024 – KPMG survey
Disciplined underwriting, improved claims experience, and robust investment income helped non-life insurers to navigate structural headwinds.
Insurance
Life insurance sector consolidates its recovery in 2024
KPMG’s survey shows broad improvement across major life insurers, driven by moderate premium growth, stronger investment returns, and efficiency gains.
ASSA launches national Climate Index to guide risk management
South Africa now has a publicly available Climate Index, developed by actuaries and meteorologists, that tracks extreme weather events.
Funeral provider racks up 12 FAIS Ombud rulings against it
The FSCA revoked Luvuyo’s licence in August after a string of determinations found the firm failed to pay claims and operated without an underwriter.
Roadworthiness is essential for valid insurance claims, Ombud warns
While insurers can decline claims involving unroadworthy vehicles, repudiations must be linked to the cause of the loss.
Premium growth fuels 33.7% jump in OUTsurance’s profits
Youi delivered strong performance in Australia, but the rand’s appreciation trimmed rand-translated premiums.
Luvuyo Burial hit with three more Ombud rulings over unpaid funeral claims
The funeral provider has faced repeated determinations this year after failing to settle valid claims.
Old Mutual lifts earnings by 29% on strong markets and underwriting gains
Results from operations rose 16% to R4.94bn in the six months to June, boosted by a 71% surge in Old Mutual Insure’s contribution.
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.
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.
