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September 1994
Winning ways

It’s refreshing when you see any provider of goods or services responding to market needs. The fact that life assurance commissions are almost always paid up front has become an increasing focal point of criticism, particularly since both...

September 1994
Costs a packet

Moving home is seldom a comfortable experience. It is often characterised by the discomfort and trauma of packing all your sentimental items or irreplaceable family heirlooms. The most agonising part of all is handing the responsibility of...

September 1994
Balancing risk

Momentum Health’s Discovery differs significantly from traditional medical aids in that it incorporates comprehensive cover in the areas where it is needed, such as hospitalisation, chronic illness and ongoing out-of-hospital care, says the...

September 1994
Don’t get crossed

There is a lot of confusion concerning the endorsement of cheques. Only recently the Sunday Times Metro reported a case concerning a dispute about a cheque crossed “not transferable” in which it was upheld that such endorsement effectively...

September 1994
Adding more capital

General Accident Insurance Company South Africa Limited
Claims paying ability: a+
Financial Year: 31st December 1993
Nature of Business: General short-term insurer
Shareholders: General Accident Fire and Life Assurance plc...

September 1994
Transforming figures

Robert Vivian, Professor of Insurance and Risk Management at Wits, answers another exam question in his regular series
The following question is taken from the April 1994 examination paper in the subject Risk and Insurance, course code 511....

September 1994
Raison d’etre

A regular column explaining some of the basics of life assurance and pensions, with information from the Insurance Institute of SA.
The main purpose of life assurance is to provide for dependants in the event of the untimely death of the...

September 1994
Cape crusader

Norwich Life reports that it has continued on a steady growth path for the year to June 1994, increasing total income by 47,5% to R755m, compared to R512m the year before. Assets rose 42% to R4,5 billion. Policyholders’ benefits were up by 31% to...

September 1994
Going places

Travel Insurance Consultants (TIC) may has been around for some six years now but few brokers will be aware of the company, or its services. The reason is simple. Until its take-over by Aegis Insurance effective 1st January 1994, it was formerly...

September 1994
I’ve got you

Mercantile & General continues its monthly guide on underwriting considerations of certain medical risks
Recently postulated theories regarding the effect of the ozone layer, on the skin in particular, have increased public awareness of...

September 1994
Atrocious waste of resources

Lapse rates remain shockingly high. It’s an old story, and one that simply won’t go away until the life industry addresses the problem. It remains a mystery to us how assurers seems so content to allow agents and brokers to sell products to...

September 1994
Practice makes perfect

Medical practitioners may now practise under the style of an incorporated private company which affords such company certain legal and tax advantages. This is as a result of an amendment to the 1974 Medical, Dental and Supplementary Health...

September 1994
Tally Ho!

Lloyd’s of London appears to be getting back on its feet in the form of a leaner, more efficient business. Recent visitor to South Africa was the market’s marketing and public affairs officer, Peter Lane, who noted there were now fewer syndicates...

September 1994
Fed by Fedlife

Fedsure Holdings raised attributable income more than 21% to R30,6m from R25,2m during the six months to 30th June 1994. This was on the back of a 25% rise in post-tax income to R38,1m.
Group chief executive Arnold Basserabie is confident...

September 1994
Ultra cheap move


A move to offer healthy people a new category of ultra-cheap life assurance has fuelled fears that the UK industry will soon embark on a programme of genetic testing.
Providence Capitol of UK has announced the creation of a new risk...

September 1994
Out of court

A US high court has ruled for the first time that insurers must pay environmental pollution clean-up costs under liability policies, even when no lawsuit has been initiated or threatened by government. The unanimous Washington State Supreme Court...

September 1994
Containing loss

In line with market trends Al Insurance also reports an underwriting loss: R7,31m for the year ended 30th November 1993, compared to a loss of R5,95m the year before. Managing director Paolo Cavalieri notes that, “Our commitment to disciplined...

September 1994
Stolen profits

Read one, and you’ve read them all,” seems to be the message coming from the short term insurers over the last few weeks. Rampant crime, arson, storms and falling business — all have taken a heavy toll of company results. In reporting for the six...