Survey highlights recovery in SA insurance industry
Non-life insurers bounced back from a loss of R16.7bn in 2022 to a profit of R13.7bn in 2023, while life insurers posted significant profit growth, says KPMG.
Insurance
OUTsurance delivers strong financial results with 20.3% earnings growth
OUTsurance South Africa reported an 8.4% increase in gross written premiums for its personal insurance segment and a 71.2% improvement in operating profit for its business insurance.
Navigating insurance exclusions: key lessons from the NFO’s rulings
Thoroughly reading and understanding insurance policies and exclusion clauses benefits both parties, leading to fairer and more equitable outcomes for everyone involved.
Ruling highlights need for clear crop insurance policies in the face of climate risks
The insurer bears the risk of any uncertainty or inconsistency in policy documents.
Santam reports 34% net income growth despite rising weather-related claims
The group attributed the turnaround in motor insurance to managing claims inflation and improving risk selection, resulting in a significant reduction in claims frequency.
Partially occupied offices pose insurance risks for business owners
While several large companies have spearheaded a gradual return-to-work, the hybrid working model has remained sticky for many South Africans.
How MBSE shaped the careers of three rising stars in short-term insurance
The top three achievers in MBSE’s Higher Certificate in Short-term Insurance share their experience with the course and its impact on their careers.
Allegations that Sanlam adviser forged signatures don’t stand up, Tribunal finds
It was a ‘material factor’ that the specimen signatures were in hard copy, whereas the disputed signatures were electronic.
CrowdStrike sensor glitch: implications for cybersecurity and insurance
The CrowdStrike Falcon sensor update-induced global system crash could be the most significant cyber accumulation loss event since NotPetya in 2017.
FSCA provides an update on progress with the move to COFI
The Authority’s latest three-year Regulation Plan does not specify by when the three-phase transition project will be completed.
Authority highlights regulatory focus areas in 2024
FSCA pinpoints lack of oversight by KIs, FICA non-compliance, and unauthorised copy trading and funeral insurance business.
Property fire claims: how business owners can protect their premises this winter
Paying for fire damage without insurance can be financially devastating for both individuals and businesses.
Insurers push for trackers as theft of high-end vehicles surges
According to the latest SAPS crime statistics, there were 5 973 carjackings in the fourth quarter of 2023.
SCA clarifies when an insurance policy is a joint one
The appeal court also confirms the principles relating to the link between a notifiable disease and causation in respect of business interruption policies.
Sanlam to acquire majority stake in MultiChoice’s NMS Insurance Services
MultiChoice plans to use the up to R2.7 billion cash proceeds from the transaction for working capital purposes.
Loadshedding: ‘It is going to be a tight winter’
Old Mutual Insure unpacks the impact of loadshedding on the insurance industry and the outlook for a stable electricity supply.
Solar panel surge holds opportunities and risks for insurers
Old Mutual’s Clive Hogarth says insurers need to ask critical questions about the quality of installations.
