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February 1994
Singling them out

Henk Beets, AGM at Old Mutual Employee Benefits, has expressed his support for an integrated retirement fund system in South Africa. He argues that retirees should have the ability to make the choice between a lump sum or a monthly pension when...

February 1994
Complaints, upheaval and rumour

Part 3- The Business of life assurance

In this, our third and final part we concentrate on the retirement and group benefits side of the business.
It is difficult to think of anything that has done more damage to the credibility...

February 1994
Skiving sham

Disability benefits have become an integral part of employee benefit packages. Originally insurers offered an acceleration of the payment of the death benefit if an employee was totally and permanently disabled. Later they also offered an income...

February 1994
How the business of managing money affects our daily lives.

As the economy recovers from a four year recession, much public confusion has emerged on the rate of reported economic growth during 1993 and up to the present. This topic thus tries to apply measurements used by economists to explain the...

February 1994
A gut feeling

Mercantile & General continues its monthly guide on underwriting considerations of certain medical risks
Irritable Bowel Syndrome is a benign but chronic relapsing disease that does not appear to predispose to either malignancy or...

February 1994
Cession value

The cession of a deferred compensation assurance policy to a provident fund could offer a solution for “one-man” companies that have implemented a deferred compensation plan and fear that the lump sum payable to the retiring director will not be...

February 1994
Guarantee gripe

Patrick Sheehy, senior manager life marketing, Southern Life, explains that the move toward ‘guaranteed contracts’ is more to do with providing guarantees within universal life contracts than for term assurance. He says that the two most common...

February 1994
Improving position

The new management of IGI Life has announced a R25,7m net loss for the half year ended 30th September 1993 and has passed the interim dividend.
The loss includes provision against investments of R24,4m. The directors arrived at this figure...

February 1994
No kidding...

With the dramatic upsurge in crime in recent months (see Insurance Times and Investments Vol 6.12 December 1993, cover story page 2) and the resultant claims, individuals, as well as businesses, can expect an increase in short- term insurance...

February 1994
New inception

The Lloyd’s market seems set to have 170-180 active syndicates operating this year providing a total capacity of between £10 billion and £10,5 billion.
This is according to estimates from market practitioners. In 1993 the market had been...

February 1994
Syndicate ratios

Syndicate expense ratios in the Lloyd’s market fell in the third quarter of last year, maintaining the two-year decline that began in the third quarter of 1991, says One Lime Street, the market’s newsletter. Premium rates and income continued to...

February 1994
All or nothing

To resolve disputes between members of Lloyd’s of London and their members’ and managing agents, the Council of Lloyd’s has produced a settlement offer of £900 million. This is to compensate more than 21 000 members for losses they sustained on...

February 1994
Split infinitive

So called ‘unbundling’ has become somewhat fashionable of late. The term means different things to different people, but the ultimate aim must be to streamline operations, make managers more directly accountable to the top for their own...

February 1994
New cost from October 1994

The Association of British Insurers (ABI) is to meet HM Customs and Excise Department to discuss the implications of the introduction of insurance premium tax (IPT) on various UK general insurances. The new tax will come into effect on 1st...

February 1994
StanGen grabs 30% share

Standard General Insurance says it has now become the leader in the specialised aviation insurance field with an estimated 30% of the South African market.
Explaining the development, Maureen Harwood, in charge of the company’s aviation...

February 1994
Repudiation warning

All motorists must ensure that they possess valid licences and that these are included in their books of life.
New legislation requires all drivers’ licences to be transferred into books of life by 31st January this year. According to PFV...

February 1994
Catering for costs

The cost of funding medical expenses for retired employees is fast approaching the cost of funding their retirement, such has been the rapid rise in the price of medical services. Southern Life believes it has the answer in its new ‘integrated...