Life insurance sector consolidates its recovery in 2024
KPMG’s survey shows broad improvement across major life insurers, driven by moderate premium growth, stronger investment returns, and efficiency gains.
Underwriting
Old Mutual lifts earnings by 29% on strong markets and underwriting gains
Results from operations rose 16% to R4.94bn in the six months to June, boosted by a 71% surge in Old Mutual Insure’s contribution.
Santam’s GWP up 10% as international business surges by 25%
For the six months to June, Santam reports net income growth of 19%, with a underwriting margin of 11.3% – well above its target range.
Facing the future: how insurance is evolving to tackle uncertainty
Santam’s Thabiso Rulashe on how insurers are adapting to stay resilient – and profitable – in an era of rising risks.
South African insurers harness AI to spot risks sooner and serve clients better
From early-warning systems in liability cover to behaviour-based motor premiums, local insurers are adapting AI tools to South Africa’s unique risks.
Life insurers pay out R39.5bn, with 95.6% of death claims honoured
Policies subject to underwriting had the highest payout rates in 2024, reflecting lower fraud and non-disclosure and the value of comprehensive risk assessment.
Top achievers praise HCert in short-term insurance for practical skills
How MBSE graduates like Lydia Roode and Michael Bond leveraged the Higher Certificate in Short-term Insurance to excel in real-world scenarios.
Full disclosure is essential as farming operations evolve
Changes such as joint ventures, investing in infrastructure, and switching to higher-value crops can introduce risks that may not be covered.
More FAIS Ombud determinations against funeral provider
Luvuyo Burial and Consulting did not pay the claims in full even after the Ombud’s Office intervened.
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.
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.
