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Misrepresentation… how blurred is the line?

30 October 2019 | Short Term Ombudsman

Insurance policies are underwritten in utmost good faith. Yet material misrepresentation at sales stage remains a growing problem in South Africa.

South Africa’s life and disability insurance gap widens to R34.7 trillion in 2018

29 October 2019 | Association for Savings & Investment SA (ASISA)

The average South African income earner had a combined life and disability cover shortfall of at least R2.2 million at the end of 2018. This translates to a total insurance gap of R34.7 trillion for South Africa’s 15.6 million earners.

South African earners under 40 most likely to be underinsured

29 October 2019 | Association for Savings & Investment SA (ASISA)

South African income earners under the age of 40 are far more likely to face a substantial life and disability shortfall than older earners, according to the findings of the 2019 ASISA Life and Disability Insurance Gap Study.

Just but the tip of the iceberg

28 October 2019 | PFA - Pension Fund Adjudicator

In the years ahead, as legislative changes impact on the industry, it is expected that consumer protection will strengthen, and consumer confidence will increase. Insurers already appear to be paying more attention to servicing their policyholders and their complaints.

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Question

Are financial advisers ready for the combined impact of COFI and AI?

Answer

Yes, fully prepared and already adapting Somewhat prepared, but still facing implementation challenges Not yet prepared, more time and support needed Unsure / still assessing the impact

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