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December 1993
Liquid for thought

Mercantile & General continues its monthly guide on underwriting considerations of certain medical risks
Alcohol, a subject never far away from most people’s daily lives, could lead to some sobering thoughts when it comes to taking out...

December 1993
Dead right

According to the Times of London female smokers may have to cough up more for life assurance in the light of figures released by the Institute and Faculty of Actuaries. A study has revealed that women who smoke could be facing an even earlier...

December 1993
The body snatchers

Insuring yourself against theft of possessions is pretty commonplace, and if any of our worldly goods get nicked, well we can probably replace them.
Perhaps a more macabre and less savoury type of cover is kidnap and ransom insurance. This...

December 1993
Warmer draft

The Draft Bill on Long-Term Insurance 1993 was launched into public view in May this year. Pity they didn’t use the correct word “assurance”. But in any event it seems to be a pretty popular draft and one that is likely to stick. It is actually...

December 1993
Bonus onus

Another creditable performance came from Sanlam for its financial year to 30th September 1993.
Though down slightly on the previous year, total premium income rose 23% to reach R12 797m (as compared to a 27,2% rise to R10 405m the previous...

December 1993
Turning the tables

A remarkable switch in fortunes for AA Life meant a R103m turnaround for the assurer’s year end to 30th June 1993. Compared to a R98m loss the year before, AA Life now reports a R5m surplus.
Contributing to the reversal of fortune was an...

December 1993
Funding feeling

Gross premium income flowing into the SA Special Risks Insurance Association (SASRIA) for the year ended 31 December 1992 amounted to R416m. This was almost 5% down on the previous year, ascribed to rate reductions in certain business. It also...

December 1993
Rand for rand

One “simple” but effective way of looking at insurance company accounts is to tabulate expenditure in terms of each R1 (one rand) of income. We asked all short term insurers to present their accounting information as follows:

  • Name of...
December 1993
Uncertain actuaries

In this article we consider practical techniques utilised by life offices to manage the possible impact of AIDS on life assurance portfolios, with particular reference to experience in South Africa and to countries north of South Africa over the...

December 1993
Code breakers

With effect from 1st October 1993 the Life Offices’ Association (LOA) introduced its new Code of Conduct, intended to prevent the marketing of certain ‘non-complying’ business and to ensure that policy contracts were worded in accordance with the...

December 1993
Crime losses

Although vehicle theft in the Western Cape showed a decrease in the first eight months of this year, the total number of vehicles stolen in this region during September and October has increased dramatically. Cape-based insurance company Protea...

December 1993
Curators’ cure

The Transvaal Supreme Court today placed 101 under final curatorship appointing Messrs Jacobus Luttig and Cornelius Jacobus Oosthuizen as joint curators. This followed a report to Court filed by the provisional curators setting out 101’s...

December 1993
Red October

Just when you thought it was safe to go out, insurance companies have been hit by an ‘unprecedented’ surge of claims for theft, hijack, burglary and fire in October. Normal claims flows of, say, R30m in a given month have simply doubled overnight...

December 1993
Strong enough to meet the world

Part 2- the business of life assurance
In this, the second part of our survey we take a look at the broader issues in the life assurance industry.
The big challenge for life offices is not so much competition from other savings mediums...