Tag ArchivesShort-term insurance

Why you can’t afford to be uninsured

There are an estimated 11-million registered cars on South African roads and according to the Automobile Association (AA), between 60 and 70% of them are uninsured. This is an alarming statistic considering the number of accidents, hijackings and thefts that take place daily, placing these motorists at exceptional financial risk. (more…)

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Mandy Barrett

Motor insurance tips – how to avoid common pitfalls

There’s nothing quite like a new car to fluff out your tail feathers and put a spring in your step. As exciting as it is, your shiny new car also represents a significant financial responsibility. Insurance may feel like the last thing you want to focus on when you’re chomping at the bit to get […]

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Gideon Galloway, CEO of King Price

King Price celebrates 2,190 days as local royalty

R100 million in decreasing premiums given back to clients, R1 insurance for some of their favourite things, and savvy protection against online bad guys all might seem normal now, but only 6 years ago, no bit of this was true. This June, King Price has 6 years under its belt, and an entire royal treasure […]

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The implications of driving an uninsured vehicle

Motorists have been warned to brace themselves for another massive hike in the petrol price next week, which may result in the fuel price breaking the R15 a litre barrier for the first time. Hannes van Rensburg, a member of the Short-term Insurance Committee of the Actuarial Society of South Africa (ASSA), predicts that this […]

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Nazeer Hoosen

Short-term holiday leasing: Are you covered?

South Africa remains a popular tourist destination, having welcomed over 10 million visitors in 2017 alone. To capitalise, local homeowners have started to cash in on the short-term leasing trend. According to Airbnb, a leading international short-term lodging specialist, almost 400 000 guests were welcomed to South African Airbnb homes in 2017. While the need […]

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Dishonest policyholders on the rise

When you take out a short-term insurance policy, the responsibility lies with you to provide the insurer with all the necessary information so that it can correctly underwrite (assess and price) your risk.  (more…)

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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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