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Your complete guide to the South African non-life insurance sector

31 August 2018 Liz Still & Gareth Stokes, S&S Analytica
Liz Still from S&S Analytica.

Liz Still from S&S Analytica.

Gareth Stokes from S&S Analytica.

Gareth Stokes from S&S Analytica.

‘Everything you need to know about non-life insurance in South Africa’, a 420 page overview of the South African non-life (short-term) insurance industry was launched at the Insurance Conference 2018 held at Sun City from 29-31 July 2018. The annual insurance event was attended by more than 1200 insurance delegates from 30-plus countries, making it the perfect backdrop for an insurance book launch.

Co-authors Liz Still and Gareth Stokes say that the book is aimed at anyone who wants a deeper understanding of non-life insurance, market players and insurance regulation applicable to South Africa. It is the culmination of many hours of research and is as thorough an examination of the sector as can be fitted into 420 pages.

The authors consider the business case for non-life insurance and reflect on the sector’s position in both financial markets and the socio-political environment. ‘Everything you need to know about non-life insurance in South Africa’ also includes sections on insurance trends and new chapters on Insurtech – in recognition of the nature and speed of technology-backed innovation – and risk pricing – to keep the theorists interested.

The value of this work is found in its assessment of stakeholders in the domestic non-life insurance market with insurers and insurance brokers under the spotlight in chapter seven; and the regulatory framework laid bare in chapters 12 through 14. Insurance companies are discussed based on the latest figures published by the regulator with additional information from insurer annual reports while the insurance broker content is informed by a perception survey of the country’s largest brokers. The book describes the most up-to-date regulations, both planned and in-force, applicable to the South African non-life insurance sector at 30 June 2018.

The book is written in an easy style that makes it easy for anyone with an interest in insurance to dip in and out of at their leisure. Insurance professionals, financial intermediaries and their clients, consumers and students of insurance will find great value in these pages. It can be purchased via the publisher’s website (www.analytica24.co.za) at a standard retail price of R300 plus R79 for courier delivery nationally. Discounts for bulk prices can be negotiated with the publishers on orders@analytica24.co.za

Quick Polls

QUESTION

With regards to the COFI Bill, do you believe lumping the health and finance sector in the same basket will sustain the financial sector?

ANSWER

Yes, it forms part of the FSCA’s mandate to protect and maintain the sustainability of the financial sector, and to legislate fairness and make it the law
No, the products are different therefore the health sector should not have to be subjected to similar conduct requirements
This will cause problems. More consultations should be conducted before the final version of the COFI Bill is sent to Parliament for promulgation
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This month's headlines

Differences aside… in the name of fairness
Advice… now more important than ever
COFI… is this a reason to be positive?
Cyber cover: One size does not fit all
The need for member education
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