The Risk Barometer is an annual survey on global business risks from Allianz Global Corporate & Specialty (AGCS). The 2020 edition incorporates the views of a record 2,718 respondents in over 100 countries. For the first time ever, cyber incidents (39% of responses) ranks as the most important business risk globally in the ninth Allianz […]
The abhorrent practise of submitting a single premium investment as a recurring premium policy to earn a substantially higher commission is nothing new. If you then, in addition, destroy documentary evidence in the hope that you will not be found out, you should expect dire consequences. An even worst-case scenario: if you repeat such a […]
In a recent Short-term insurance case study, the Ombudsman for Short Term Insurance (OSTI) emphasised that short-term insurance contracts are entered into in good faith. “Under common law, a policyholder when requesting cover must make full disclosure of all matters material to the insurer’s assessment of the risk. This principle is founded on the insurer’s […]
The results of the Momentum/Unisa Household Financial Wellness Index show that although the number of financially unwell households increased, they are not quite as ‘financially unwell’ as before. These results, based on a nationally representative survey of 3 073 households, were recently presented at the very first Momentum Science of Success Festival. The survey specifically focused […]
The National Health Insurance (NHI) Bill has been a subject of controversy since inception. Whilst the government forges ahead with the introduction of NHI, many experts believe the system will fail. A wide range of commentaries was made in the wake of its introduction to Parliament on 8 August 2019 and subsequent countrywide public hearings. […]
As a result of the right to appeal against a debarment decision, there was a substantial increase in debarment cases referred to the Tribunal since April 2018. In most of these cases the process was challenged. Some of these cases were remitted back to the FSP for reconsideration and to follow the prescribed debarment steps. Yet, […]
Although South Africans believe that insurance provides them with peace at mind, more than half polled in a recent study indicated that affordability was a key barrier to uninsured risks. These were just some of the key findings of the Santam Short-Term Insurance Barometer, South Africa’s first general insurance barometer. The survey specifically measured the […]
“The local CIS industry held Assets under management of R2.4 trillion at the end of Sept 2019 across 1592 portfolios. For the past 3 years, investors have firmly favoured interest-bearing portfolios over equities and this trend continued into the 3rd quarter of this year.” This was the gist of ASISA’s statistics for the quarter and […]
BrandsEye’s 2019 Banking Sentiment Index analysed 1.9 million social media posts about South Africa’s largest banks and included an analysis of 68 500 posts about the new entrants, Bank Zero, Discovery Bank and Tyme. Below are some of the key findings: Allegations of unethical conduct hurt banks Absa, FNB and Standard Bank were implicated in several ethics-related issues that […]
The Pension Funds Adjudicator recently ruled that a death benefit was distributed fairly although one of the beneficiaries was not financially dependent on the deceased. “The entitlement stems from the fact that the person concerned was nominated by the deceased and nothing more is required,” said Ms Lukhaimane in her ruling. Lukhaimane told the media […]
