Non-life / General

What value-added services should a Medmal Insurer provide?

With medical negligence claims in South Africa rising astronomically in recent years, brokers need to ensure that their healthcare practitioner clients have adequate medical malpractice insurance cover in place – along with no shortage of value-added services and products.

Still standing after all this time

Love him or hate him, but it seems rock ‘n roll legend Elton John has something in common with South Africa’s non-life insurance sector. The singer weathered some tough times in his topsy-turvy life to declare in an early 1980s hit single: “I’m still standing after all this time”. In much the same way, local insurance brokers, insurers, reinsurers and underwriting managers have persevered through almost 24-months of lockdown and pandemic to share their own stories of innovation, reinvention and survival. The recent trading update from market leader , Santam Insurance, is case in point, confirming an up to three times surge in its 2021 headline earnings.

Allianz Risk Barometer 2022: Pandemic outbreak tops hospitality, leisure and tourism industry risks

The value you sell to your clients

The latest results from South Africa’s largest non-life insurer suggest that all is well in the world of commercial and personal lines insurance, with the firm reporting a 5% increase in gross written premiums, to R32.7 billion, and an 8% net underwriting margin from its conventional insurance business last year. This strong performance contributed to a near-tripling in headline earnings, from 905c/share in 2020 to 2495c/share, though this is off a low base. One of the most heartening bullets contained in the report highlighted the ongoing sustainability of the business, with the insurer’s economic capital coverage ratio safely within its 150-170% target range, at 169%.