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Tag Archives | premiums

increasing-premiums

Are we paying too much for group insurance?

In the desperate times of the cascading waves of Covid-19, South Africa’s life insurers, and especially group insurers of employee-based schemes, played a critical role in ensuring financial inclusivity by providing insurance cover to claimants. Group policies provided financial assistance to thousands of families who suffered the loss of their loved ones during the pandemic. […]

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commission

Regulating insurance commission has failed dismally since 1977

The fallacy that insurance commission is the root of all evil has led to numerous failed attempts to regulate it. Dr Brian Benfield, a retired professor from Wits’ Department of Economics, holds nothing back in a hard-hitting article in Biznews titled Insurance commission price-fixing: An ignominious and damaging failure. The initial Retail Distribution Review (RDR) […]

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insurance-premium

FSCA is concerned about life insurance premium increases

The FSCA says it will continue to ensure that insurers adopt “a fair and balanced approach” towards premium increases, while taking into account the valuable role the insurance industry has played in difficult economic circumstances. The Ombudsman for Long-term Insurance saw a 48% increase in the number of complaints related to policy lapses last year, […]

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insolvency

How Numsa’s life insurer went insolvent

In September 2020 the cracks in the finances of 3Sixty Life, the life insurer wholly owned by the National Union of Metalworkers of SA (Numsa) through the Numsa Investment Company, started to show. On 30 September, the date of publication of its third-quarter results, 3Sixty Life failed to meet its solvency capital requirements, triggering alarm […]

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Consumers will feel the impact of higher Sasria premiums copy

Consumers ‘will feel the impact’ of higher Sasria premiums

Consumers are justifiably concerned about the impact of Eskom’s demand for a 20% tariff increase, but there’s another factor that could contribute to rising inflation this year: significantly higher Sasria rates on commercial vehicles. Sasria announced its 2022 rates in September last year. The new rates take effect from 1 February. Although there were no […]

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Short-Term_Insurance_Trends

SA’s Short-Term insurance industry – Rise in niche risk solutions amidst COVID uncertainty

Before the COVID-19 pandemic, the South African Short-Term Insurance market was on a strong growth trajectory, increasing by a solid 4.3% in insurance premium volumes, between 2018 and 2019. However, similar to the global market situation, the local market has been negatively impacted by the COVID-19 pandemic and subsequent lockdown measures, with a growing number […]

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Car-Insurance

Vehicle insurance – Five ways to reduce premiums

2020 has been a tough year and many people are looking for ways to decrease their expenses. Many have considered it, and some have already cancelled their car insurance to ease the financial burden. Canceling car insurance altogether, could be a costly mistake that could expose individuals to serious financial and legal consequences. “Having insurance […]

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