Legal precedent set as Odendaal’s assets forfeited in Steinhoff fraud battle

The SARB has forfeited to the state cash totalling R42m from Berdine Odendaal’s bank accounts, as well as her R18m property in Paarl’s Val de Vie estate.

What SA’s prolonged hard insurance market means for insurers, brokers, and clients

Advisers can offer clients invaluable insights and the tools they need to thrive, even in times of turbulence.

Sasria wants an explicit guarantee that the state will be its reinsurer of last resort

The reinsurance market will remain hard for the foreseeable future, and most reinsurers believe another July 2021 is just around the corner, says chief executive.

Sasria’s chief executive addresses grid-collapse exclusion

It will decide by the end of the month whether to reintroduce the exclusion.

What insurers’ grid failure exclusions mean for clients

Advice from a qualified intermediary on how to interpret an insurer’s policy wording is essential.

Why insurance premium increases are unavoidable

Santam’s executive head of commercial and personal intermediated business, Andrew Coutts, has issued a communication to intermediaries setting out the factors that have made premium increases unavoidable. Coutts said households and businesses have […]

Treasury, Sasria working on reintroducing R1bn in additional cover

National Treasury and the South African Special Risk Insurance Association (Sasria) are working on ways for the state-owned insurer to reintroduce the R1 billion in additional cover for large corporates, Finance Minister Enoch […]

Santam repricing its book to take account of inflation and other cost pressures

A “concerted set of underwriting actions” were under way to reprice Santam’s book, to take account of the inflationary and other pressures that were pushing up the cost of claims, Sanlam’s chief executive, […]

Global warming warnings: insurers must heed the KZN floods

The extensive flooding and landslides experienced on stretches of the KwaZulu-Natal coastline on 11 and 12 April should serve as a warning to the general population, and more pertinently, to South Africa’s non-life […]

KZN floods are the biggest natural catastrophe in Santam’s history

Santam’s current “best estimate” of its gross exposure to the KwaZulu-Natal floods in April is R3.2 billion. However, reinsurance cover will limit the net impact to about R500 million, it said in a […]

Old Mutual joins move to limit cover for non-physical damage on BI policies

Old Mutual Insure has followed South Africa’s largest short-term insurer, Santam, in excluding certain types of non-physical damage from its business interruption cover, because it can no longer reinsure these events. Read: Santam […]

Santam phasing out BI cover for power cuts

Santam, South Africa’s leading non-life insurer, issued an “operational circular” on 15 March that could have a significant impact on commercial clients’ existing cover for business interruption resulting from extended cover for losses […]