FANews
FANews
RELATED CATEGORIES

More work to be done before Vehicle Salvage Database is made public

31 March 2022 The South African Insurance Association (SAIA)

The board of the South African Insurance Association (SAIA) formally affirmed the decision to open the association’s Vehicle Salvage Database (VSD) to the public, but cautions considerable work is still required to understand and mitigate risks before public access can go live.

At its recent quarterly meeting, the Board acknowledged the significant contributions of non-life insurance industry stakeholders through the VSD Task Force.

The Board noted that the VSD Task Force still needed to investigate several issues to ensure all risks have been considered and evaluated before the database is made public.

Viviene Pearson, SAIA Chief Executive, said the association will continue to engage constructively with affected stakeholders and will provide updates on progress.

“The Board’s decision that further investigation of the inherent risks is required was made after considerable deliberations.

“Recent events have highlighted the need to consider risks associated with data security and potential misuse of information on the VSD. SAIA also wants users of the database to have a clear understanding of both its benefits and its limitations.

“Potential users of the VSD should be aware that access to information is not guaranteed to be a complete solution to fraudulent behaviour. In particular, the VSD contains information only about insured vehicles. The vast majority of vehicles on the road are not insured, so the usefulness of SAIA’s database will be limited,” said Pearson.

Quick Polls

QUESTION

How confident are you that insurers treat policyholders fairly, according to the Treating Customers Fairly (TCF) principles?

ANSWER

Very confident, insurers prioritise fair treatment
Somewhat confident, but improvements are needed
Not confident, there are significant issues with fair treatment
fanews magazine
FAnews June 2024 Get the latest issue of FAnews

This month's headlines

Understanding prescription in claims for professional negligence
Climate change… the single biggest risk facing insurers
Insuring the unpredictable: 2024 global election risks
Financial advice crucial as clients’ Life policy premiums rise sharply
Guiding clients through the Two-Pot Retirement System
There is diversification, and true diversification – choose wisely
Decoding the shift in investment patterns
Subscribe now