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A half-trillion reasons to love insurance

17 March 2021

South Africa’s long term insurance sector paid out R522.7 billion to policyholders and beneficiaries in claims and other benefits last year. The country’s life insurers lived up to the ‘value of insurance’ mantra by offering emergency premium relief to policyholders in addition to meeting death, disability, severe illness and income protection claims as they came due.

A third wave for winter

22 February 2021

A study of historic coronavirus outbreaks suggests that countries will experience a third wave of Covid-19 at some point in 2021. The three wave trend is prevalent in almost all previous pandemic events, including the 1929 Spanish flu, the 1958 Hong Kong flu and the 1969 Asian flu. More recently, MERS and SARS exhibited similar patterns, although infections in these cases were largely localised. Futurist and scenario planner, Graeme Codrington, says that South Africa will face a third wave around Easter 2021. He was presenting at a RGA webinar, titled ‘Back to the future: Emerging from the disruption’.

A broker by any other name

03 February 2021

The South African financial advice community should be raked over the coals for failing to define key role players in the sector despite discussing the matter for more than six years. This staggering inability to place appropriate labels on financial advice-givers, and yes, we use advice-givers intentionally, is among the reasons that local consumers are so confused today. How can the industry expect to improve financial advice outcomes when it cannot even reach internal agreement on who consumers should ‘call’ for advice? Let us take a moment to reflect on the history.

Rule 19 and the replacement advice record

26 January 2021

Compliance professionals working at / for insurers and financial advice practices have their hands full keeping up to date with the changes introduced under South Africa’s twin peaks regulatory framework. They have to monitor both the Financial Sector Conduct Authority (FSCA) and Prudential Authority (PA) for the publication of amendments, regulations and standards that will have an impact on the financial services providers (FSPs) they serve. They must also ensure that their FSPs are aware of the commencement dates for amendments to existing regulations. These dates are usually set out in a schedule accompanying amendments or new regulations, though it is common to allow the responsible minister to determine the date at a later stage.

quick poll

Question

If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?

Answer

2026, as promised 2027 looks more likely Impossible to say More consultation needed

View the Results

The broker’s dilemma

13 January 2021

Insurers must pay COVID-19 BI claims

19 November 2020

The next big opportunity

11 November 2020

Commission procurement clause just one piece of the transformation puzzle

29 September 2020

Big data gives local medical scheme an edge in assessing pandemic impact

15 September 2020

Local investors part ways with risky assets as uncertainty takes hold

07 September 2020

What to do when your client faces a bad versus ‘less bad’ financial outcome

04 August 2020

Crisis is not an excuse to abandon your core strategic objectives

08 July 2020

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Talked About Features / Featured Story