MoneyMarketing

Short-term insurance

23 Mar 2018

Treasury welcomes comments on insurance draft regulations

The National Treasury (NT) has today published for comment draft amendments to the Regulations to be made by the Minister of Finance in terms of the Long- term Insurance (LTI) and Short-term Insurance (STI) Acts.
17 Mar 2018

VAT rate increase and the impact on the short-term insurance industry

By Yusuf Bodiat, Lion of Africa Insurance. Value-added tax (VAT) was introduced in South Africa in September 1991 to replace General Sales Tax (GST) as an indirect tax. VAT was imposed at a statutory rate of 10%, and then increased to 14% in 1993. Since then, the rate of the tax charge has not changed, until...
09 Jan 2018

When mother nature unleashes her wrath on the financial services sector

As thousands of South Africans were making plans to welcome in the New Year, the City of Johannesburg was shaken by a series of violent storms that left a trail of destruction. Estimated at a cost of R190 million, city officials continue to count the cost of the damage and Johannesburg Mayor, Herman Mashaba, says...
18 Dec 2017

Taking proper precautions vital for road users this festive season

With the festive season now officially underway, South African motorists are, once again, at increased risk of being involved in an accident with many insurers already seeing a significant spike in claims for vehicle-related incidents. This according to Dawie Loots, Chief Executive Officer (CEO) of MUA Insurance Acceptances, who says that drivers need to take...
13 Dec 2017

Checklist to avoid financial loss this festive season

By Christelle Colman, CEO of Europ Assistance South Africa. With the festive season just around the corner, many families have already started planning their local or international vacations. A seemingly small incident can end up cost a small fortune while on holiday, for example, lost luggage, stolen possessions, medical emergencies as well as disasters at...
08 Dec 2017

Prep like a pro: top risk and insurance tips for the holidays

As the excitement of heading off for some much needed R&R sets in, take some time out from the shopping, travel arrangements and last minute work wrap-ups to secure your home, assets and loved ones before you head off for the holidays.
30 Nov 2017

SA homeowners and the risk of underinsurance

As the holiday season fast approaches, insurers are readying themselves for a spike in claims that come in the New Year. Before then, South Africans will accumulate gifts and other assets that are often not accounted for on household contents policies.
29 Nov 2017

Natural catastrophes need more sophisticated risk engineering programmes

South Africa has experienced a spate of natural catastrophes in recent years. These have ranged from tornados, flash floods, freak hailstorms, droughts and fires, with the last five years in particular racking up billions of rand in damages and insurance claims. As a result risk managers and insurers are under increasing pressure to scrutinise and revise...
28 Nov 2017

Managing hijacking risks – vigilance is key

According to the latest SAPS crime stats released, car hijacking has increased by 14.5% across the country with Gauteng (+16.9%), Kwa-Zulu Natal (+21.5%) and Mpumalanga (+28.8%) provinces recording the highest increases. The statistics tell the story of 16 717 cars that were hijacked between April 2016 to March 2017, equating to a staggering average of...
22 Nov 2017

Why every driver needs liability cover

According to the Automobile Association of South Africa, between 65% – 70% of the 11.4 million registered vehicles driving on our roads are uninsured. This means that the majority of drivers on the country’s roads are placing themselves at financial risk if they are involved in an accident, says Johannes du Plessis, legal advisor at...