Despite the unprecedented claims and benefit payments made to policyholders and beneficiaries as a result of the Covid-19 pandemic, the life industry remains in robust financial health and well capitalised to honour the long-term contractual promises made to customers.
The Financial Sector Conduct Authority (FSCA) says in a statement that it notes with concern the high premium increases that are being implemented by insurers on funeral policies. "While the FSCA recognises the impact of COVID-19 on mortality rates and funeral policy claims, the Authority expects insurers to ensure fair outcomes for policyholders, and reminds insurers of their obligations pertaining to premium increases."
The evolution of financial advice is centred around targeted solutions where the needs and behaviour of customers take centre stage. For advisers, this presents the opportunity for new ways of doing business that will enable them to improve operational efficiencies and boost their value offering to customers. This is the view of Lizl Budhram, Head...
OUTsurance Life is to add funeral cover to its current offering. According to Danie Matthee, CEO of OUTsurance, the new product which will become available next month will meet customer demand in South Africa for a dignified funeral, while offering much greater flexibility for policy holders.
Visit the official COVID-19 government website to stay informed: sacoronavirus.co.za