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What really goes into calculating your insurance premium

When the time comes to renew a client’s insurance policies, insurers are likely to alter monthly premiums based on a range of factors such as changes in the details of the insurance policy, anticipated claims inflation on the assets being insured, and changes in cover sums. (more…)

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shortterminsurancecoversmall

OSTI releases Annual Report

The Ombudsman for Short-Term Insurance (OSTI) has released its Annual Report on Operations for 2017. Key highlights for the year are that 9 962 complaints were resolved in an average turn-around time of 131 days with an amount of R87 101 354 recovered for consumers. (more…)

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IRR report on cancer and its effect on South Africans

Liberty pays R4.46 billion in valid claims in 2017

  Liberty, South Africa’s largest writer of new risk business between 2002 and 2017, paid R4.46 billion in valid claims in 2017. Every year Liberty releases statistics on what has been paid out to risk policyholders to help financial advisers and clients to better plan for their futures and effectively manage life’s uncertainties. (more…)

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Judge Ron McLaren, Ombudsman for Long-term Insurance

Not reducing premiums is unfair: Long-term insurance ombud

The Ombudsman for Long-Term Insurance, Judge Ron McLaren, has expressed concern about the unfair practice by some insurers who do not reduce the premium when the benefits are reduced. (more…)

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insuranceclaimformsmall

Why insurance premiums have almost doubled in the past 5 years

Many business owners often grapple with insurance premium increases without taking time to understand what leads insurers to hike premiums. Malesela Maupa, Head of Insurer Relationships at FNB Insurance Brokers, says understanding some of the common factors that impact the price of premiums can help businesses plan ahead for unavoidable increases when drawing up their budgets. He […]

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Naked changes insurance for good

Insurance start-up Naked launches today with an AI-based car insurance offering. “Rebuilt for social good, the new product puts customers in control of their insurance and saves them money,” the company says in a statement. (more…)

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insuranceclaimformsmall

Fraudulent claims on the rise

Tough times tend to elicit desperate behaviour from people. The slow economic growth, coupled with macroeconomic uncertainty, of the past few years have resulted in a marked increase in the amount of insurance fraud being committed in South Africa. According to the South African Insurance Association, local insurance fraud is in line with international trends […]

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Life Insurance

Industry first launch of life cover that generates wealth

This week, South Africa was introduced to Indie – a 100% digital insurer that focuses on creating wealth while offering customised cover – all in under ten minutes. In a world where consumers have instant access to services like Uber, Netflix, Airbnb and a plethora of retail offerings offering instant gratification, it’s not surprising that […]

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