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I have attended dozens of retirement funding presentations over the years. The focus is usually on saving enough capital to ‘buy’ a sustainable income in your golden years using the time-tested formula of contributing 15% (or more) of your gross annual salary to a pension fund or retirement annuity from the time you start working (aiming for at least 40 years of contributions) and always preserving your capital when changing jobs. But what happens when you reach your retirement age?
We summed up some case studies from the Ombudsman for Short Term Insurance’s (OSTI) briefcase, which we thought would be interesting for our readers. In one of the cases it is clear that non-disclosure is still a very serious thing.
The insurance market, according to Terence Williams, CEO of Aon South Africa, is in the midst of its most consistent shift in a number of years. “In certain countries, sectors and lines of business, buyers are experiencing rate increases, capacity shortages, and a more critical attitude from insurers towards risk selection,” said Williams.
The term “accountable institution” is defined as a person or organisation referred to in Schedule 1 of FICA (Financial Intelligence Centre Act) that carries out business of any entity listed.
Do you think short-term insurance broking will survive the AI plus humanoid robotics age?