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St Francis fires: R100 million from one insurer alone

14 November 2012 Compass Insurance Company Limited (?Compass?)

Thatch Risk Acceptances (‘TRA’), the specialist thatch underwriter, writing on behalf of Compass Insurance Company Limited (‘Compass’), has estimated its claims from the St Francis fires to be in the region of R100 million.

Paul Carragher, Managing Director at Compass, said that the company takes the payment of claims extremely seriously. “While an event like the St Francis fires is exceptional, and a tragedy for all those concerned, we are grateful that there was no loss of life.

“As a sound insurer, we are prepared for exceptional events and it goes without saying that we are committed to ensuring that our clients’ financial losses – in terms of their homes and contents – are settled and restored at the earliest possible opportunity.

“Compass has an A+ rating on its claims-paying from Global Credit Rating Co and it is a key focus for us to back up this rating with our actions.We are very concerned about our policyholders who have lost their homes, valuables and precious memories from this crisis and we are doing all we can to ensure that at the very least they are able to have their claimssettled timeously.”

Quick Polls

QUESTION

As National Treasury mulls a two-bucket retirement system, mandatory contributions and preservation, regulation 28 is being amended to allow up to 40% of retirement fund assets to be invested in SA-based infrastructure… Which of the following retirement fund ‘tweaks’ would you consider most beneficial to your clients?

ANSWER

Give fund members emergency access to retirement savings
Let fund members invest 40% in infrastructure
Let fund members invest 40% offshore
Mandatory preservation when resigning from a fund
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