• Sharebar
March 1989
Record profit

For Santam Insurance. 1988 was a year of consolidation rather than of rapid growth. It says that the financial results for the year to September 30th 1988 overall were “pleasing for the company.”
Net profit amounted to almost R39m which is...

March 1989
Saving premiums

A scheme offering South African doctors and dentists a local alternative to the London-based friendly societies for medical malpractice insurance cover, has been launched as a joint venture between the Priceforbes Federale Volkskas (PFV) group...

March 1989
Tender about tenders

While pharmacists are trying to have more say in what medicines are dispensed to patients, doctors and medical schemes are trying to have more say in who dispenses them. This mutual attempt at encroachment has fostered bitter recrimination on all...

March 1989
Under-pricing products

Since the advent of the dread disease policy, introduced in 1983 by Dick Slingsby of Crusader Life, life offices have been continually adapting and changing the original policy to gain a competitive edge. Historically, assurers were reluctant to...

March 1989
Flexible offer

A flexible pension plan for employees of smaller firms, the “First Pension Plan”, has recently been launched by First Bowring & Associates (FBA).
FBA says the package has been “specifically designed” and that its special appeal “is that...

March 1989
Another plus

Central Data Systems (CDS) is to streamline insurance claims handling with software called “Assess”.
The industry has always faced heavy workloads through the large volumes of claims it has had to handle. But the package, claimed as “a world...

March 1989
The rights of man

The objective of the 1989 Divorce Amendment Bill is clear - to include the pension interests of spouses as assets on divorce.
Unfortunately, the wording of the Bill raises several theoretical and practical difficulties which should be...

March 1989
Mastering the mountains

Paul Heinamann, who has now been MD of the Priceforbes Federale Volkskas (PFV) group for just on two months, is the embodiment of stoicism. Above all, he is a man who knows his job, knows his staff, and has strong views on the direction he wants...

March 1989
Adequate cover

The decision to purchase a motor insurance policy involves paying attention to much more than just the price of the premium.
The Motorist, which is the quarterly publication of the Automobile Association (AA), sets forth the following advice...

March 1989
A good word

The average domestic insurance policy is generally so complicated that it is no wonder that the public view short-term insurers with a degree of suspicion.
Some of the most common domestic insurance policy documents in South Africa “run...

March 1989
A good deed

Surprising as it may seem, property damage is not the homeowner’s most likely cause of financial loss. Extensive damage by fire, wind and flood, for example, does occur but, according to AA Life, “such damage is relatively infrequent and usually...

March 1989
Black marketing

“Charter Life believes that the key to marketing its products successfully, is to be found in communicating with the client in layman’s terms,” says the company’s agency development manager, John Seed.
In line with this approach, Charter...

March 1989
Flexible options

Insuring by computer is quickly catching on in the industry. Developments have been facilitated largely through the use of increasingly sophisticated computer technology and software applications. This is a logical extension of a company’s quest...

March 1989
New Time for Bill

The departure of Bill Haslam came as quite it shock to Southern Life personnel. After 15 years of service he was viewed as a very loyal, settled man. He was one of several key personnel of Anglo American Life who remained with the company when it...

March 1989
Finger trouble

Medical schemes are still being battered by huge increases in hospital fees. According to the director of Medicaid Administrators, Gideon van Zyl, costs from both provincial and private hospitals are rising at the rate of some 25% a year on...

March 1989
Free and easy

Have you heard the one about the golfer at Killarney who drives his ball onto the M1 and causes a pile-up resulting in extensive damage? He asks the professional what he should do and receives this reply, “Well, if you move your left hand down a...

March 1989
A major advance

Since the announcement in July 1988 of the B.Comm with insurance majors to be established at Wits, a professor has been appointed and he took up his position at the beginning of this year. He is Robert Vivian, formerly a director of Priceforbes...

March 1989
Going local

As of November 1st 1988, Lloyd’s of London became a member of the South African Insurance Association (SAIA). The move, which identifies Lloyd’s more meaningfully as a domestic insurer, has been viewed in favourable terms by all concerned.
...

March 1989
Riding high

After a period characterised by floods, high crime and theft rates, political unrest and staff shortages, the short-term insurance industry is hack on the boom trail.
Business Times’ Top 100 Companies of 1988, based on the return to...

March 1989
Price war hazard

Reassuring news for consumers is that the solvency margins - the ratio of free reserves to net premium income - of short- term insurers has been increased from 10% to 15%,effective January 1st 1989. The trend towards higher safety margins may...

March 1989
Early cash tricks

Policyholders often complain about the long lime I hey have to wail he fore they can enjoy the fruits of their investments. In some cases, people experiencing financial difficulties have to surrender their policies before the maturity date to...

March 1989
Major upset

A major upset in riot insurance matters is Don Gallimore’s resignation as chairman of the SASRIA committee of the South African Insurance Brokers’ Association (SAIBA).
He held the position for nearly ten years. Mr Gallimore, executive...

March 1989
Problems persist

Recent changes to the cover provided by the South African Special Risks Insurance Association (SASRIA) has once again done little to ameliorate its critics. Whether they are simply moving the goalposts is a debate even the referee couldn’t sort...

March 1989
Competitive flexibility

The United Group is to launch a competitive short term insurance package, the Help-U-Plan, this month. The cost effective comprehensive cover, marketed as a ‘‘no frills’’ package, is underwritten by United’s 30% associate, Commercial Union.
...

March 1989
Quality staff needed

The possibility of a national council for financial institutions to monitor life offices and short term insurers is now being investigated by a committee. The idea of a council was recommended by the Melamet commission of enquiry into the winding...

March 1989
Standing firm

Standard General Insurance (Stangen) remains firmly committed to South Africa. One of the few independent insurance companies, it has recently re-structured on a group basis with separate independent operating firms. It recently received an...

March 1989
Fine tuning

Exactly a year since its inception the National Special Risks Insurance Association (NASRIA) is fine tuning its service to suit the Namibian market.
From January 1st 1989, the limit for riot insurance in Namibia was increased to R 10m. The...

March 1989
Remaining unique

The Council of Lloyd’s of London has reviewed the question of unlimited liability, which has always been accepted by those who become members of Lloyd’s, and has decided to make no change. This decision follows a study initiated at the end of...

March 1989
Old tax tricks

Certain life assurance products are now being used in one of the most significant tax avoidance schemes of recent times. The scheme uses pre- 1972 pure endowment (PE) policies, favoured for their great flexibility.
The main attraction of...