KEEP UP TO DATE WITH ALL THE IMPORTANT COVID-19 INFORMATIONCOVID-19 RESOURCE PORTAL

FANews
FANews
RELATED CATEGORIES

The South African Insurance Association calls for prioritisation of safety while damage is assessed in CT fires

21 April 2021 The South African Insurance Association (SAIA)

The South African Insurance Association (SAIA) has observed with appreciation the efforts by all who played a role in containing the fires that engulfed Cape Town this week. We commend those affected for prioritising safety over possessions and are thankful that no human lives have been lost as far as we are aware.

Our thoughts are with the firefighters who were hospitalised during the difficult exercise of containing the fire. Good firefighting services are essential to save lives and to protect valuable assets. SAIA appreciates the importance of this as well as the fact that firefighters are putting themselves at risk every time they fight a fire.

As the association representing the non-life insurance industry, we do not directly insure the impacted assets, but our members do. We are confident that the insurance companies are ready to assist policyholders as soon as possible.

Since the fire has just been contained, and most roads leading to the damaged areas remain closed, it will only be after a few days that our members will begin to know the extent of the damage and the costs involved for the non-life insurance industry.

The quantification of the damages is an exercise that will follow, after the relevant authorities in the area open to the sites to the insurers to inspect the fire damages. This may take another day or even more as city authorities must be sure that those sites are now safe areas.

Insurance is a vehicle used to assist society to recover following a loss event, such as the unfortunate Cape Town fires. Insurance covers both the aspect of property and lives at risk. Insurance is therefore that tool that supports policyholders, and their respective insured to get back to their “prior loss event” financial position. It is the industry’s core purpose, within our society to do so, and we will continue to support our policyholders during these times of need.

Quick Polls

QUESTION

Each year ordinary consumers and their financial and wealth advisers flock to dozens of asset manager ‘outlook’ presentations to find out about economic and investment trends, and the next ‘hot’ company. What do you want asset managers to share during these events?

ANSWER

Asset allocation strategies
Big picture investment themes and how to position portfolios for them
Investment methodologies and historic fund yields
Share tips by the score
fanews magazine
FAnews August 2022 Edition Get the latest issue of FAnews

This month's headlines

Harnessing Africa’s vast renewable energy resources
Disclosure, transparency and empathy in the new age
The impact of inflation and what it looks like
Wealth in the hands of women… why it matters for advisers
A glimpse of life insurance in 2022
Subscribe now