Tag ArchivesShort-term insurance


Treasury welcomes comments on insurance draft regulations

The National Treasury (NT) has today published for comment draft amendments to the Regulations to be made by the Minister of Finance in terms of the Long- term Insurance (LTI) and Short-term Insurance (STI) Acts. (more…)

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Yusuf Bodiat

VAT rate increase and the impact on the short-term insurance industry

By Yusuf Bodiat, Lion of Africa Insurance. Value-added tax (VAT) was introduced in South Africa in September 1991 to replace General Sales Tax (GST) as an indirect tax. VAT was imposed at a statutory rate of 10%, and then increased to 14% in 1993. Since then, the rate of the tax charge has not changed, until […]

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Lightning Storm

When mother nature unleashes her wrath on the financial services sector

As thousands of South Africans were making plans to welcome in the New Year, the City of Johannesburg was shaken by a series of violent storms that left a trail of destruction. Estimated at a cost of R190 million, city officials continue to count the cost of the damage and Johannesburg Mayor, Herman Mashaba, says […]

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Taking proper precautions vital for road users this festive season

With the festive season now officially underway, South African motorists are, once again, at increased risk of being involved in an accident with many insurers already seeing a significant spike in claims for vehicle-related incidents. This according to Dawie Loots, Chief Executive Officer (CEO) of MUA Insurance Acceptances, who says that drivers need to take […]

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Christelle Colman

Checklist to avoid financial loss this festive season

By Christelle Colman, CEO of Europ Assistance South Africa. With the festive season just around the corner, many families have already started planning their local or international vacations. A seemingly small incident can end up cost a small fortune while on holiday, for example, lost luggage, stolen possessions, medical emergencies as well as disasters at […]

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Prep like a pro: top risk and insurance tips for the holidays

As the excitement of heading off for some much needed R&R sets in, take some time out from the shopping, travel arrangements and last minute work wrap-ups to secure your home, assets and loved ones before you head off for the holidays. (more…)

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SA homeowners and the risk of underinsurance

As the holiday season fast approaches, insurers are readying themselves for a spike in claims that come in the New Year. Before then, South Africans will accumulate gifts and other assets that are often not accounted for on household contents policies. (more…)

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Natural catastrophes need more sophisticated risk engineering programmes

South Africa has experienced a spate of natural catastrophes in recent years. These have ranged from tornados, flash floods, freak hailstorms, droughts and fires, with the last five years in particular racking up billions of rand in damages and insurance claims. As a result risk managers and insurers are under increasing pressure to scrutinise and revise […]

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