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Capitec Bank enters the insurance market

Capitec Bank enters the insurance market

Capitec Bank today added insurance to its expanding range of financial services products, with the launch of Capitec Insure and a unique funeral product. The Capitec Funeral Plan, underwritten by Centriq Life Insurance Company Limited, is set to be the most affordable and flexible insurance product of its kind in South Africa. Featuring paperless applications, claims paid out within four hours, […]

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disability

BrightRock announces entry into new risk market

Needs-matched life insurance player BrightRock is ready to bring further change to the life insurance industry with the introduction of a group risk product that can provide schemes with up to 40% more cover for the same premium. BrightRock has become known as a disrupter in the individual life market, where advisers and policyholders alike […]

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OUTsurance enters funeral cover market

OUTsurance Life is to add funeral cover to its current offering. According to Danie Matthee, CEO of OUTsurance, the new product which will become available next month will meet customer demand in South Africa for a dignified funeral, while offering much greater flexibility for policy holders. (more…)

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Life Insurance

Sanlam paid out 99% of death claims in 2017

In its 99th year of existence, Sanlam paid out more than 99% of all death claims received in 2017. The South African insurer which has dedicated its centenary year to a changing lives for generations to come paid out claims to the value of R3 622.7m in 2017. Out of this 82% was paid for life […]

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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

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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