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October 2003
Locked in benefits

The new Growth Preserver Fund from Old Mutual Investment Horizons is intended to meet the needs of those currently averse to investing in those funds with high exposure to equities, but who want to take part in any...

October 2003
Best interests

Investment management firm Allan Gray has launched a new product, the Allan Gray Endowment, which is intended for clients with a medium to long-term investment objective, and who require capital growth with after-tax...

October 2003
No time for knee-jerk

Poor performance, negative returns, capital loss, increased volatility – take your pick. Any one of these is on the lips of most members of retirement funds. These members are turning to their trustees and asking, “...

October 2003
Broker aids

By applying a few good investment tools, keeping up to date with market events and trends and by following the basic investment principles, intermediaries can assist their clients in getting the most out of their...

October 2003
Global prospects

As Virginie Maisonneuve Director of Clay Finlay which is part of Old Mutual Asset Managers (US), observes, “People are expecting too much of a recovery. Rather we expect it to be modest, with a GDP growth of about 3%...

October 2003
SA boost

Improved investor optimism and higher global bond yields are dominating the financial markets, and synchronised global growth, particularly for the US, Japanese and Euroland economies, may well prevail in 2004....

October 2003
Keeping a cool head

Private investors need to follow a few simple guidelines when making decisions about building and managing their portfolios. This is especially important considering the changes that have taken place in global...

October 2003
Industrial

Sage Unit Trusts has established its 14th unit trust, the Sage Industrial Fund, launched the beginning of August 2003. It provides focused exposure to listed industrial stocks. Up to 15% of the portfolio may be...

October 2003
The great vacuum cleaner

The United States is still sucking in about US$1,8 billion per working day from the rest of the world — often to the detriment of developing economies, and denuding them of desperately needed capital. For example,...

October 2003
Children go free

Oxygen Medical Scheme announces a novel discount by offering parents the option of covering all their children while only paying for one. Old Mutual Healthcare, which administers Oxygen Medical Scheme, says part of...

October 2003
Weather improves

Favourable weather patterns and increased underwriting discipline resulted in significant improvement in the crop and motor insurance classes during Santam’s interim period to 30th June 2003. In addition, the...

October 2003
Made easy

Accumulating enough assets for a comfortable retirement is a challenge facing every South African. Even being a member of an employer-sponsored retirement fund is sometimes no guarantee. The reality is that most...

October 2003
New solution

Liberty Group has added a new concept to its corporate product range: the Liberty Corporate Disability Suite. “This new flexible solution to disability offers protection in the event of either occupational or...

October 2003
Soft sell no good

Medical aid is intended to provide for medical care when it is most needed; and its fundamental value is in its ability to supply cover for medical services.

However, says Jeremy Yatt, principal officer...

October 2003
Getting to grips...

Administration costs for medical schemes increased by 15,7% between 2002 and 2003 according to the Annual Report of the Council for Medical Schemes. The report covers the 15 months from January 2002 to March 2003....

October 2003
Worker needs

Many companies are not aware that employees who contract tuberculosis (TB) in the workplace may well have recourse against them in terms of current legislation.

According to occupational health expert and...

October 2003
Be prepared

The new Medical Schemes Act is about to be changed again, introducing rights that are intended to protect ageing members.

Comments Gary Taylor, director of Medscheme, “When you get to age 50 and over, you...

October 2003
Value focus

While healthcare intermediaries have been credited with the sterling performance of Discovery Health, they have also been condemned for so-called ‘churning’, that is, switching members between funds purely to generate...

October 2003
Gain after pain

Fund administrators and other industry professionals have mixed feelings about the proposed new state medical scheme.

In terms of government’s stated plans, by 2006 the Department of Public Service and...

October 2003
Five years too short

Policyholders have recently been very disappointed and even shocked at the poor investment returns on their policies that were invested in equity funds; especially those running for relatively short terms (for example...

October 2003
Alternatives

Another cut in interest rates mid-September saw prime back down to 13,5%, a rate not seen since July 2001, and not bettered since February 1988. As always, interest rate moves are good news for some, bad for others....

October 2003
No back seat driver

It is not surprising that motor insurance is often seen as a grudge purchase, especially when premiums are arbitrarily increased each year without a by-your-leave.

However, you should not just sit back in...

October 2003
CGT danger zone

More and more people are running offices from home. Modern forms of communication, such as cellular phones and the internet, an increasing sophistication of cheaper and more reliable technologies, such as the personal...

October 2003
End-user burden

Value Added Tax (VAT) is an indirect, multi-stage method of tax collection whose burden eventually falls on the end-user, or consumer. It is levied by the supplier of goods and services who, as vendor, then accounts...

October 2003
Easy if you know the rules

As part of our determination of a suitable legal entity through which to conduct business, we discussed some of the tax and personal liability issues in previous stories (see Insurance Times & Investments Vol 16.2...

October 2003
Never ending

It seems that the answer to the question, “where does corporate liability end?” is simple: it doesn’t! So says Guardrisk in a recent Update bulletin. Companies will increasingly have to broaden their definition of...

October 2003
Wrongly doing

Many times, when consumers feel wronged, legal recourse is not only beyond their reach but also often beyond their comprehension — no better illustrated than in the murky waters of ‘liability’. For example, to what...

October 2003
Common theft

Deneys Reitz on insurance case law: Gabriel and another v Enchanted Bed and Breakfast cc 2002
The plaintiffs booked into an accommodation establishment owned and operated by the defendant. They returned to...

October 2003
Risk management is vital

The electricity blackouts recently experienced by large parts of north-eastern USA and sections of inner city London have significantly increased the awareness of the necessity for businesses to have a strategic...

October 2003
Key turning point

“In terms of international trends, it is clear that the effects of September 11 marked a key turning point in the world insurance market,” said Ronnie Napier, Chairman of the South African Insurance Association....

October 2003
Criminal oversupply

The tedium of vehicle hijacking persists as a daily source of fear and frustration. Tracking companies rack up recoveries, arrests and even casualties every day, yet it seems it is not enough to deter the criminal...

October 2003
New beginnings

Since Dr Leon Vermaak was appointed as the new CEO of Auto & General, the company has drawn very clear lines with regard to its intention of transforming from a purely direct insurer to a more broker-focussed one...

October 2003
Cool it, buddy

The number of reported incidents of road rage has been on the increase the past few years. It has become so serious that the issue is being investigated by several teams: the Medical Research Council; the Accident...

October 2003
Motor account improves

Mutual & Federal says its net premium income for the interim to 30th June 2003 amounted to R2,7 billion, an increase of 14% over the previous year. The general insurance result improved from R142m to R213m from an...

October 2003
Increasing insurance risks

Heat waves, droughts, floods, hurricanes and tornadoes across the world are happening at frequencies and intensities unprecedented in recorded history, according to the reinsurance sector.

Fundamental...

October 2003
It's a mistake - and that's official

I decided to write this report, not to gain any sympathy, but just so you don’t feel that you’re the only one suffering bureaucratic incompetence and inflexibility. If something irritates you like the following, just...

October 2003
Let's be honest

I was quite shocked to read an ‘Honesty Card’ at the local blood donors’ meet the other day. Did you know there are actually people out there quite willing to give blood even though they have HIV?

The...

October 2003
Pets of weapons of assault?

Gone are the days when dog owners could allow their ‘fighting machines’ to maim, or even kill unwanted visitors with impunity. The general public is becoming increasingly annoyed and frustrated about the persistent...

October 2003
Security hitch

The forced removal by town councils of those security boom gates that are considered illegal in certain suburbs may create problems for householders’ insurances. Some policies stipulate certain security measures,...

October 2003
Bonus works

OUTsurance, the direct short-term insurance operation in the RMB Holdings and FirstRand stable, posted strong results for the financial year ending 30th June 2003. Gross written premium exceeded R1 billion for the...

October 2003
Seat eject

The passenger’s greatest hate, overbooking by airlines, has received some welcome attention from the European Union. They have instituted a fine of €250 (about R2 000) for short haul flights and €600 (about R5 000)...

October 2003
FAIS costly but worth it

The ‘fit and proper’ licencing requirements under the Financial Advisory and Intermediary Services Act (FAIS) were officially gazetted on 10th September 2003.

Financial Service Providers (FSPs), and ‘key...

October 2003
New era

The Insurance Amendment Act, 2003 became effective on 1st August. And the Financial Services Board (FSB) says it will have major bearing for the South African insurance industry.

Head of the FSB’s...

October 2003
Call for patience

Evidently the amount that will be allocated to members and former members in respect of the pension fund surplus regulations will be “much less” than the widely reported R80 billion.

According to Marius...

October 2003
Motor worry

SA Eagle achieved significantly improved underwriting results for the six months to 30th June 2003, with profits of R21,79m. This compares to a R4,9 million profit for the same period last year, and an overall loss of...

October 2003
Still not good

The banking sector was rudely awakened once again by the re-emergence of hacker activity recently, but was just as rude in dismissing clients’ claims for compensation. Indeed, the big four banks agreed amongst...