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July 1989
Problems persist

The following is an extract from the speech delivered by Des McElroy, chairman of the Association of Marine Underwriters in South Africa (AMUSA) at the Association’s 51st annual general meeting.
When reviewing the current state of the market...

July 1989
Legal implication

In the recent case of Ismail v General Accident Insurance Co SA Ltd 1989 (2) 468 (N) the judge ruled:
“It is a fundamental principle of our law that where the law imposes an obligation on one person in respect of another it also confers a...

July 1989
Living longer

Because of the ageing of the population, pension payments by the government could assume enormous proportions unless a suitable system for making provision for retirement is created in South Africa - one in which a large part of the total...

July 1989
Stunted growth

Poorer countries of the third world are becoming more and more vulnerable to natural disasters which severely retard their development efforts, according to a senior official of the World Bank.
Speaking at an international earthquake...

July 1989
Rugby injuries

My personal interest in rugby injuries, especially catastrophic neck injuries, was aroused by the tragic death of Western Province fullback Chris Burger during a Currie Cup rugby match in Bloemfontein in September 1980.
The events leading to...

July 1989
Through the assurance maze

Last month we published Part 1 of our definitions of certain life assurance terms, from Actuary to Family income benefits.
General insurance: also called short- term or non-life insurance.
Guarantee: in the context of a linked policy it...

July 1989
Finding a way

These days many ordinary people are worth a lot more dead than they are alive. This follows a developing awareness of the need to provide for families on death by way of life assurance. More employers are also implementing employee benefits such...

July 1989
Qualified to meet client needs

Abdus Sattar Mohamed, ‘Satari’, recent winner of Old Mutual’s top life candidate award in the Institute of Life and Pension Advisors (ILPA) exams, has a long history of achievements. He also walked off with the Southern Life prize for estate...

July 1989
When will you die?

Ever wondered what your chances are of dying within the next twelve months’? Probably not. Death is a subject most people avoid. Actuaries are less fortunate as they spend much of their time calculating the probability of death. Their figures are...

July 1989
Who will make it?

In terms of the Benefit Illustration Agreement (BIA), life assurers are obliged to reveal, in their policy quotations, what income will have to be generated to give clients a return of 12% and 15% on their policies.
Despite this being a...

July 1989
Lessons from the US

A continuing trend of mergers and acquisitions will leave the insurance market with fewer - but larger - insurance companies and brokers by the end of the 20th century, predicts an executive of a major broker in America.
Insurers may also...

July 1989
Soft going for bloodstock

Like most areas of the current short term insurance market, bloodstock is feeling the pinch of soft conditions. Wayne Aldridge of Delta Bloodstock & Insurance Brokers explains that competitive conditions have followed a contraction in the...

July 1989
Gambolling horses, gambling insurers

Although a relatively small part of the short term market, bloodstock insurance shows promise of further growth. Horse racing is often cited as one of the three biggest industries in this country.
And unlike some other parts of the world,...

July 1989
Consumers benefit

It’s not uncommon to hear complaints from people who arrive home to a post box crammed with “junk mail”.
Fact is, direct mail can be useful to its recipients. Besides the chance that you may be interested in the product or service being...

July 1989
Border bliss

Good news for travellers to Zimbabwe is that your days of queuing at border posts for third party cover is over. The Automobile Association (AA) has been appointed by the insurance Council of Zimbabwe to sell third party policies from (AA)...

July 1989
Delivering the goods

Despite handling claims in excess of R1,5m each day, Santam Insurance had a bumper six months to end March 1989. Besides a significant improvement in solvency margins, after tax profits soared by 50,5% to R27,7m. The company has attributed its...

July 1989
Dented profits

Despite losses incurred by the R McCarthy Group, Hosken Consolidated Investments ( HCI ) managed to post a 16,3% climb in attributable earnings at R15,4m for the year to end March 1989. Commenting on the figures, Chairman Mike Lewis said that an...

July 1989
Attitudes and trends

For the last three years First Bowring has conducted an internal survey of broker’s views of the insurance market. National short term director, Richard Austin, said the intention was to canvas broker’s views on service standards, so that they...

July 1989
Safe and warm

Being a perceptive bunch, Insurance Times readers will be well aware of the arrival of winter. And if recent weeks are anything to go by, we’re in for a cold few months. Although heaters are no doubt already in operation, Easigas, one of the...

July 1989
Help for complex risks

Mercantile and General Reinsurance (M&G), which has been intimately involved in the development of the dread disease benefit, will be launching a dread disease underwriting manual later this month.
As the leading reassurers of this...

July 1989
Climb through the rankings

Old Mutual is consolidating its position as one of the largest corporations in South Africa. This is evident from the most recent rankings compiled by Financial Mail. As part of the publication’s Top Companies Survey, the SA Giants’ League places...

July 1989
Catching them young

Fedlife has announced a new product aimed at the “Little Investor”. Dubbed “Barnaby’s Little Investor”, it is a savings plan geared to assist the child in his education in preparation for college. This is part of a broader Barnaby package...

July 1989
New products

Liberty Life’s Lifestyle-based Builder series gives consultants another opportunity to tailor-make an investment to suit individual needs. The investment series provides a wide choice of product with flexibility and improved benefits. It is...

July 1989
Gearbox fire

Fedgen recently presented a client with a cheque for R1,75 million only 12 days after R H Johnson Crane Hire suffered a loss when one of its cranes burnt out. One of the largest mobile cranes in South Africa, the 250 ton Gottwald was entirely...

July 1989
Storing problems

Banks are not the only organisations feeling the pinch of soaring crime rates. Supermarkets and fast food outlets, often seen as soft targets, are also losing their fair share of the till’s contents. According to brokers, Catrakilis and...

July 1989
Aids warning

It is clear that aids is crossing cultural and occupational barriers, and it is unlikely that any company will escape the direct or indirect economic consequences.
Dr Altus van der Merwe, Sanlam’s medical officer, says in an article in the...

July 1989
Banks self-insure

Despite several million rands having been stolen from banks in the Johannesburg area alone over recent months, insurers have little to worry about.
Although police can’t confirm the exact amount of money stolen from banks, p0- lice liaison...