Grace period doesn’t prevent insurers from rejecting a claim
Some insurers send SMS or email reminders, but it is the policyholder’s responsibility to ensure that an overdue premium is paid.
#nonlifeinsurance
FSP pays R50 000 settlement because of missing record of advice
A complaint over a claim for stolen jewellery prompts the FAIS Ombud to emphasise the importance of maintaining a proper record of advice.
Video interview: New mutual insurer enters the market
CEO Michele Jennings says glu targets a wider audience with straightforward products and digital innovation.
Expired driving permit was not material to the loss, non-life ombud rules
The insurer argued the hijacked vehicle should not have been on the road because the driver’s PrDP had expired.
PPS takes its mutual insurance model to the broader SA market
It says the new business division, called glu, provide members with straightforward insurance solutions and profit-sharing.
Jewellery insurance: don’t let warranty clauses take you by surprise
The FAIS Ombud warns that failing to adhere to warranty clauses – such as storing jewellery in a safe when not worn – can significantly reduce claim payouts.
SIU investigation to uncover irregular claims from 2021 unrest
SASRIA says the proclamation issued by President Ramaphosa follows its request for assistance from the Special Investigating Unit.
Auto & General’s Knysna fires advert is not offensive, says ARB
Insurance advertising often addresses personal experiences of loss and hardship, so they are likely to trigger strong emotional responses, the Board says.
FAIS Ombud erred in dismissing complaint against insurance broker, says Tribunal
The Ombud failed to investigate key facts around the broker’s alleged negligence in communicating an essential policy requirement.
Insured’s expert witness more credible than the insurer’s, judge finds
The court ruled that MiWay’s expert analysis relied too heavily on assumptions, while overlooking the driver’s account that he swerved to avoid a dog.
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.
Sasria aims to reintroduce R1bn cover amid rising reinsurance costs
Sasria’s five-year strategic plan includes the reintroduction of R1bn excess of loss cover and expanding its coverage for events such as natural disasters.
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.
How climate change is shaping non-life insurance: risks and opportunities
Insurers need to employ advanced data analytics and AI to better price and manage these risks, as well as adjust premiums and make selective coverage decisions.
