Implications for the insurance industry of expropriation without compensation
Although expropriation itself is generally an excluded event, there may be knock-on effects that could impact the insurance sector.
Insurers
New Joint Standard to regulate insurers’ ‘material’ outsourcing activities
The standard, which replaces GOI 5, governs outsourcing by insurers from a prudential and a conduct perspective.
PA publishes draft guidance notes for banks and insurers on climate-related risks, disclosures
Banks and insurers are expected to treat climate risk as a financial risk rather than merely a reputational risk event.
FSCA publishes amendments to the General Code of Conduct
The requirements for advice fees in the context of insurance policies will be dealt with by amending the insurance regulations.
Add-on insurance policies sold – FSCA requests information from insurers
To assist the Financial Sector Conduct Authority (FSCA) in obtaining better insights into the current processes and practices used to market and sell add-on insurance policies at motor dealerships to customers, the FSCA […]
Insurers fail to deliver on expectations created – Social media assessment results
South African insurers have struggled to keep up with increased customer demands during the Covid-19 crisis. This was one of the take outs of an assessment of the South African insurance industry by […]
Reintroducing third party insurance – Welcomed by most insurers
About 70% of the approximately 12 million cars on South Africa’s roads are not insured. Insurers have therefore welcomed the government’s proposal, announced in the recent Budget speech, to make third-party insurance compulsory for […]
FSRA Exemption Notice 1 of 2019 (LTIA) – Certain insurers exempted from Rule 19
The FSCA has just released the FSRA Exemption Notice 1 of 2019 (LTIA). According to the notice an insurer that offers assistance policies, funeral policies or micro-insurance policies is exempted, in terms of […]
Combating climate risks – What role can insurers play?
KPMG recently posed the following question: “What can insurers do to improve the way they assess and manage the short and longer-term impacts of climate change?” The World Economic Forum’s Global Risks Perceptions […]
