I spent this morning watching a handful of investment videos on YouTube, dipping in and out of what some of the financial market gurus have to say about the US markets. There were plenty of thought-provoking snippets, with my favourite being an independent assessment of the world’s all-time greatest investor’s view on gold. The clip was shared by none other than Robert Kiyosaki, an American businessman and author of Rich Dad Poor Dad. He noted that Warren Buffett, a long-time critic of gold as, had completed a major acquisition in Barrick Gold. Berkshire Hathaway recently acquired 20.9 million shares in the mining company for north of US$500 million.
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The long-awaited ruling in a test case brought by the United Kingdom’s Financial Conduct Authority (FCA) against eight non-life insurers active in that market was handed down by the UK High Court on 15 September 2020. The Court was set the difficult task of deciding whether 21 ‘typical’ sample wordings used in non-physical damage business interruption (BI) insurance policy extensions would indemnity insureds for claims triggered by pandemic. The FCA expected around 370 000 policyholders, on cover under 700 policy wordings, issued by 60 different insurers to benefit from legal certainty following the ruling.
Read moreThe commission procurement rule introduced via clause 5.14 of the Amended Financial Services Sector Code (AFSSC) is the tip of the iceberg as far as insurance sector transformation is concerned. The clause, which is effective from December 2020, requires that insurers include the commissions they pay to an insurance broker or insurance intermediary when measuring their total procurement spend. It is important because commission makes up a significant slice of a non-life insurer’s total expenditure. And procurement makes up 25% of an insurer’s overall Broad-based Black Economic Empowerment (B-BBEE) scorecard.
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Once you have made the decision to grow your business by tapping into employee benefits, it is important that you get a solid understanding of the regulatory requirements applicable to this environment.
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The medical scheme environment is under pressure. Aside from downgrading, customers are complaining about their medical scheme cover, what is covered, what is not, the fees and out of pocket costs.
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