FSCA suspends FSP’s licence after third Ombud determination
The beneficiaries waited months to be paid their funeral policy benefits, but they received only partial pay-outs despite undertakings to the contrary.
Underwriting
Old Mutual’s operating profit up 4%, led by Insure and Investments
Exceptional underwriting in Old Mutual Insure and a 37% jump in Investments drive overall strength, but Corporate’s life insurance sales slumped 42%.
High Court upholds Discovery Life’s decision to void policy
The policyholder inflated her earnings and failed to disclose a simultaneous application with another insurer, materially affecting the risk assessment.
Santam’s earnings surge despite troubling weather and vehicle claims
Nearly all business units report strong growth in new business volumes.
FAIS Ombud orders funeral home to pay R20 000 claim after failed cover
Lebohang Funeral Home left policyholders exposed by failing to secure underwriting, misleading clients about their coverage, and refusing to pay a valid funeral claim.
Navigating prescription periods: SA insurers and foreign jurisdiction risks
The complexities of prescription periods and cross-jurisdictional disputes can lead to significant insurance reserving and cost implications.
Top achievers share insights on excelling in short-term insurance qualification
Top achievers in the Higher Certificate in Short-Term Insurance (HCSTI) qualification exams, credit the qualification with deepening their industry knowledge and advancing their careers.
Don’t let non-disclosure sink your business: insurance insights for owners
Business owners who neglect to inform their insurers of changes risk denied claims, policy voidance, and even lawsuits.
High Court reinforces key principles of disclosure in insurance
Applicants must fully disclose all relevant information during underwriting, even if it was divulged in past applications.
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.
Santam reports 34% net income growth despite rising weather-related claims
The group attributed the turnaround in motor insurance to managing claims inflation and improving risk selection, resulting in a significant reduction in claims frequency.
Santam’s bold strategy curbs underwriting challenges, drives growth
Santam will ramp up efforts to tackle increased weather- and fire-related risks by implementing measures such as adjusting premiums and setting stricter risk limits.
Insurance leaders urged to chart ethical course in the age of generative AI
The 2024 edition of the annual EY (Ernst & Young) Global Insurance Outlook details the risks, rewards, and a roadmap for the responsible deployment of GenAI in the industry.
How to navigate the nuances of motor insurance to prevent claim rejections
As car insurance underwriting becomes increasingly intricate, brokers play a crucial role in informing clients of the distinctions between private and business usage.
South Africa’s insurance industry faces an uphill battle
Aon’s 2023 State of the Market Report unveils troubling trends as South Africa’s insurance landscape grapples with various challenges.
Will insurtech disruptors topple insurance giants?
Old Mutual Insure’s chief commercial officer weighs in on the trends set to define the short-term industry over the next decade.
FAIS Ombud’s report identifies FSP ‘problem areas’
These include delays with funeral policy claims, advice to clients who buy living annuities, and insurance policy disclosures.
