The very essence of the insurance industry is changing. We are seeing several signs that are indicating that this change is very encouraging. In the past, insurers developed products that covered a specific risk or need from the standpoint that the client is placed in the same financial position than what they were in before the loss occurred. However, 74% of respondents to a recent industry survey believe that future differentiation in the insurance market will become more focused on risk management and prevention services than on the price of compensation-based insurance.
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At the moment a grim picture of retirement saving is painted in the South African landscape. Many South Africans either do not have the funds to contribute to savings after their monthly budgets have been exhausted, or they feel that saving for retirement is just not that important.
Read moreIn a recent determination by the Financial Advisory and Intermediary Services Ombudsman (FAIS Ombud), the complainant, Mr. Jacobus Frederik Roux, lodged a complaint against the respondent, arising from a loss incurred.
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