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April 1994
Rusty crate problem

With the opening up of new overseas markets, South African importers and exporters should beware that the age and conditions of vessels upon which their goods are sea-freighted will be reflected in higher insurance premiums.
The easing of...

April 1994
To disclose, or not to disclose...

The heated debate over whether or not to disclose commissions could become irrelevant if the market re-focused on what the problem really is: in a nutshell, the problem is lapses and surrenders, all R1,4 billion of them each year. It amounts to a...

April 1994
Miss independence

As from 1st December 1993 the common law rule of the husband’s marital power has been repealed. Furthermore, any marital power that the husband had prior to this date has also been abolished [See note 1].
Previously the law had only...

April 1994
Paper chase

The Benefit Illustrations Agreement (BIA) was originally made between members of the Life Offices’ Association in 1983. Amongst various rules it defined the growth rates that assurers could use for the purpose of illustrating future benefits. In...

April 1994
Something s gotta give.......

As from 1st March policy quotations will generally be presented with illustrative rates of 9% and 12% per annum respectively with regard to maturity proceeds — all except those from Liberty Life that is. For, despite hopes during early March, the...

April 1994
The flower starts to bloom

An annual after-tax return of 8% on a lump sum investment - among the highest obtainable in the South African market - has been guaranteed by Protea Life Company on its newly launched Solid Growth Portfolio. This portfolio is linked to Platinum...

April 1994
The dew of the glen

Following several months of rumour, the merger between Dewar Rand and Glenvaal has finally been announced by Rand Merchant Bank Holdings (RMBH). The new company is to be called Glenvaal Dewar Rand.
RMBH has held a 33% interest in Dewar Rand...

April 1994
California catch

Although 20 000 kilometres away, the recent earthquake in Los Angeles, with the resultant insurance claims running in excess of R100 billion, will ultimately affect short-term insurance rates in South Africa....

April 1994
Individual impetus

The total assets of South Africa’s 57 unit trusts (24 general funds, 19 specialist equity funds and 14 income funds) rose by 20, 5% (by R3 305,6m) to R19 469,6m during the fourth quarter of 1993. Norwich Unit Trusts (51,9%), Metfund (44,8%) and...

April 1994
Courting disaster

The £900m settlement offer made by Lloyd’s of London to 23 488 members, who have made claims for alleged negligence against their agents, has been allowed to lapse.
When the offer closed on 14th February 1994 only 12 103 forms of assent had...

April 1994
Investment fall

The past year’s operating results for Sanlam were “favourable if the difficult economic conditions are taken into account.” The results are summarised as follows:

  • policy benefits paid out were R8 434m. This is 43% more than in the...