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SAIA Successfully Holds Annual General Meeting (AGM) 2020

28 July 2020 The South African Insurance Association (SAIA)

At its first ever virtual Annual General Meeting (AGM) held on 23 July 2020, the South African Insurance Association (SAIA) successfully nominated a new SAIA Board of Directors composed of non-life insurance member companies, reinsurance companies and state-owned enterprise chief executives and managing directors.

SAIA CEO, Ms Viviene Pearson welcomed the new SAIA Board and thanked the previous Board for its sterling work through the year 2019/2020. “The last few months have been quite challenging for our industry and the country due to the COVID-19 pandemic, but SAIA
members rose to the challenge and rendered support to those in need. From 26 March 2020 to the end of May 2020, the industry supported South Africa with close to R1.7bn through several initiatives that included premium discounts, premium holidays as well as donations to the Department of Health, to mention a few. We are not yet out of the woods as there is
still a lot of work to be done around this pandemic. One of the challenges that the industry, together with government, does need to address is around exploring future solutions for pandemics as well as other potentially uninsurable risks. This important work has been initiated.”

Ms Pearson also stated that the industry is still faced with several other significant challenges including transformation, governance, and insurance risks brought about by climate change which have had a significant impact on the industry through droughts,
hailstorms, and flash floods. These, she noted, not only affect the built environment and its infrastructure, but also have a profound impact on the farming community, and the nation’s food security.

“To the newly nominated SAIA Board, I wish all of you a successful year within the SAIA Board. Your experience and expertise will certainly add a lot of value in finding solutions for the challenges faced by the industry as well as the South African and the world economy,” she concluded.

The newly nominated SAIA Board members are as follows:

Group A
Lizé Lambrechts Santam Limited
Willem Lategan Hollard Insurance Company Limited
Danie Matthee OUTsurance Insurance Company Limited
Nolwandle Mbalo Standard Insurance Limited
Garth Napier Old Mutual Insure Limited
Edwyn O'Neill Bryte Insurance Company Limited
Anton Ossip Discovery Insure Limited
Herman Schoeman Guardrisk Insurance Company Limited

Group B
Robyn Farrell Auto & General Insurance Company Limited
Walter Marte Nedgroup Insurance Company Limited
Easvarie Naidoo Lloyd’s South Africa Limited
Charles Nortje Credit Guarantee Insurance Corporation of Africa Limited

Group C
Wayne Abraham AIG South Africa Limited
Gary Jack Chubb Insurance South Africa Limited
Thusang Mahlangu Allianz Global Corporate & Specialty South Africa Limited

Group D
Terrance Ray SCOR Africa Limited
Beat Strebel Swiss Re Africa Limited

Group E
Jacqueline Kilani ESCAP SOC Limited
Cedric Masondo Sasria SOC Limited
Maniki Rakgalakane Land Bank Insurance Company SOC Limited

Quick Polls

QUESTION

Financial behaviour experts suggest that today’s risk modelling methodologies ignore your client’s emotional ability / behavioural capacity. What are your thoughts on spicing up risk profiling tools to make allowance for your client’s financial behaviours

ANSWER

[a] Bring it on; my client’s make too many irrational financial decisions
[b] Existing risk profiling tools are adequate
[c] Risk profiling tools should be based on the model / rational client
[d] The perfect risk profiling tool is science fiction
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