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September 1998
Cash more

ATM fraud is just another aspect of South African life. It seems to us, often incorrectly, that there are criminals on every corner, waiting to accost us, steal our cash, our jewellery, and our motor cars. And when we try and have a break from...

September 1998
Creepy crawly

Most short-term insurance policies being taken out or renewed this year will include exclusion clauses for millennium-related computer risks, says Barry Scott, chief executive of The South African Insurance Association (SAIA).
Local...

September 1998
Something in the air

The wide range of new players entering an already limited short-term insurance market will put pressure on the results of the traditional insurers, says Barry Scott, chief executive of the South African Insurance Association (SAIA). New entrants...

September 1998
Chilly news

Joe Asamoah, chief energy specialist with the SA Department of Minerals and Energy and convenor of the joint working group of the National Committee on Climate Change, takes property insurers to task on the issue of global climate change.
...

September 1998
Caught without water

It is calculated that every minute wasted in getting fire fighters to the scene of a burning building carries a potential loss of some R20 000 per minute. This makes nonsense of the notion that resources for the fire brigade should be limited in...

September 1998
Brigade blot

Incompetent firefighting services are taking some of the blame for the horrendous level of fire losses last year. The insurance industry is highly critical of what it refers to as “major inefficiency problems”.
During 1997 three fires alone...

September 1998
There’s no smoke without fire

Insurance industry figures reveal that its fire loss ratio for the fourth quarter of 1997 leaped to 274%, following the huge Mossgas claim on 24th October. This one loss cost the industry R630m — or 53% of its total earned premium on the...

September 1998
A capacity for competition

Despite a number of structural difficulties in the short term insurance market it appears that trends towards lower premiums in the personal lines sector at least remain on track. This is chiefly because of a rapid increase in competition fuelled...

September 1998
Who knows?

In 1997, El Niño dominated global meteorological events and consequently also the headlines. The most recent El Niño is an exceptionally strong occurrence, says Swiss Re in its latest Natural Catastrophe report for last year. As a result, many...

September 1998
So, what’s next for policyholders?

Sanlam’s demutualisation process is going as planned with phase one of the proceedings almost completed. All policyholders registered at the end of 31st March 1998 will be eligible to participate. The deadline for response was 17th June.
...

September 1998
Computer glitch

For many years insurers have been talking about simplifying their policy wordings to make it easier for clients to understand their insurance documents. But there hasn’t been that much progress. Ask a broker to explain the policy he is trying to...

September 1998
Shareholder support

Fedsure received overwhelming support from Norwich shareholders for its bid to acquire control of the company. At meetings mid-August in Cape Town, it was reported that 99,95% of Norwich minority shareholders cast ballots in favour of Fedsure’s...

September 1998
Making progress

All insurance companies, who are members of The South African Insurance Association (SAIA), with one exception, have now agreed with the Ombudsman for Short-term Insurance that they would accept his formal recommendations.
This is...

September 1998
The need for education

Indications are that the Pension Funds Adjudicator - whose primary task is to deal with increasing dissatisfaction with the way retirement fund members are treated - will take a tough line in supporting the rights of employees.
Says Erich...