Lightning presents growing financial risks for homeowners

South Africa has one of the highest lightning ground strike densities in the world, which can have major financial repercussions for businesses and local homeowners. In the US, the cost of damage caused by lightning strikes totalled nearly $1 billion in insured losses in 2011 alone, according to the Insurance Information Institute...read more

8 Things To Check When Taking Out A Travel Insurance Policy

When you are about to go on holiday the last thing you tend to think about is something going wrong. You leave behind everything that is familiar to you, your home, parents, loved ones and doctors. Will you be able to afford to pay for those unexpected expenses? Taking outtravel insurance can protect you against the unique risks associated with travel and provide you with the peace of mind you need on your holiday. However, travelers are often not fully aware of what is, or is not, covered by their policy, or spend more than they should.

Here are 8 tips from Regent Insurance Travel that will help you make informed decisions when it comes to taking out travel insurance that help you avoid common travel insurance pitfalls.....read more 

Skimming Alert

It has recently come to light that criminals are becoming more cunning in their plans to trick unsuspecting ATM users out of their funds. A new device has been discovered, images and discriptions below, which have been found in Shopping Centres, petrol stations and convenience stores all over JHB.

Please be aware of these and do not consider this to be something that you will not be a victim of, chances are, they may already have your details without you even knowing.

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South Africa’s finance and risk advisers find themselves at a defining moment in the history of financial services provision.

They are practising at a time when the definition of intermediation and financial advice – key components of their livelihood – are under close regulatory scrutiny....read more

The use of portable generators and potential hazards when not installed correctly

When used in a confined space, generators can produce high levels of Carbon Monoxide within minutes. Remember that you cannot see or smell Carbon Monoxide. Even if you do not smell exhaust fumes, you may still be exposed to these. Carbon monoxide at high levels can kill a person within minutes.....read more

The ABC of motor insurance

If you don’t hold up your end of the deal, you could find yourself without cover when you need it most. When it comes to motor insurance, you and your insurer each have certain obligations that you have to meet in order to render the insurance contract valid. As a policyholder, if you don’t hold up your end of the contract, you could find yourself without cover at a time when you need it most. Nearly 50% of complaints received last year by short-term insurance ombudsman Dennis Jooste related to motor insurance, according to the ombud’s recently released yearly report.....read more

I Know How You Drove Last Summer

Your insurance company may soon know exactly how and where you drive and, if you're involved in an accident, whether you were at fault or not. Welcome to the world of usage-based insurance telematics...read more

JOINT MEDIA STATEMENT - TREASURY AND SAIA AGREE ON MEASURES TO ENHANCE INSURANCE DISCLOSURES TO PROTECT CAR OWNERS

Major short-term insurers have assured Government that motor car owners need not be concerned with the recent Pietermaritzburg High Court judgment (Mr Sherwin Jerrier vs. Outsurance Insurance Company Limited), as contrary to initial reports, the judgment will not have any new implications for how the insurance industry will assess claims. The industry has committed to significantly improving market conduct practices that are aimed at protecting customers better and also improving transparency and disclosure practices in policy contracts.

This was the outcome of a meeting between National Treasury (“Treasury”), the Financial Services Board (“FSB”) and the South African Insurance Association (“SAIA”) held on 9 April 2013. The meeting followed a call by the Treasury for the insurance sector to be fair to motor car policy holders when considering insurance claims. The meeting was attended by officials of the Treasury, the FSB and key members of the SAIA.

Insurance companies undertook not to reject motor car claims on the grounds that customers do not report minor incidences (in other words incidents that are not material to the assessment of the insurance risk). Consumers are, however, encouraged to report any material information to their insurers in terms of the policy conditions, even if there is no intention to claim against the policy. Where vehicle damage is concerned, this would generally include damage above the excess or when a third party is involved. The insurance industry will also enhance its efforts to communicate with customers to ensure that customers are aware of their rights and responsibilities.

The SAIA member companies reaffirmed their commitment to embracing the Treating Customers Fairly (“TCF”) initiative, led by the FSB which introduces higher and tougher market conduct standards for consumer protection in the financial sector. The TCF principles will also be introduced in existing policy contracts and business practices.

Further positive steps to be taken by the SAIA, include an amendment to the SAIA Code of Conduct that will formalise the insurance practice of regularly and automatically reassessing the value of motor cars, without any prompting from the customer.

Consumers can be assured that the Treasury, FSB and SAIA are also working to ensure that:

• insurance contracts are worded in clear, simple language and limitations on insurance cover are clearly understood;

• consumers are made aware and educated on the different types of material disclosures and any other significant conditions which could affect the insurance contract;

• insurers take reasonable steps to verify information during the sales process, and make regular contact with their customers to determine material changes to their customer risk profile over time, rather than only doing so at claims stage.

• all legitimate insurance claims will be paid by insurers in line with the principles of proportionality and fairness as currently entrenched in the SAIA Code of Conduct. SAIA will ensure that its members will inform customers on the Code and is also open to any comments from the public to improve the Code, to make it more relevant to both the industry and customers; and

• disputes are resolved in line with fair business market conduct practices, including through internal company mechanism in the first instance, and through the office of the Ombud for Short-Term Insurance (“OSTI”) in the second instance, taking account of the need for consumers to be treated fairly.

Complaints about claims that are not paid by insurers can be referred to the office of the OSTI (011 726 8900 or sharecall number 0860 726 5501, fax number 011 726 5501 or e-mail info@osti.co.za. Consumers can also complain against SAIA members in terms of the SAIA Code of Conduct (available on the SAIA website at www.saia.co.za).

The Treasury, FSB and SAIA will continue engaging on further market conduct improvements relating to motor car insurance as well as other forms of personal lines insurance (such as household content and building insurance). In addition, other key areas of focus include the need for more affordable and standardised products for the lower income market and consideration of possible measures to ensure greater insurance coverage.

The positive dialogue between all stakeholders on key consumer protection measures will result in improved customer confidence, appropriate products and enhanced transparency for all insurance consumers.

Used Cars Price Vs Value

Establishing a “fair” price is not an exact science, especially when you’re buying a used car. A vehicle’s price is determined by a range of factors, from make, model and mileage to the condition of the car and the demand for it in the market....Read more

Properly Insuring Tech Items

More than 10-million South Africans own at least one technology gadget.
South Africans spending on gadgets has increased dramatically and according to the latest figures from market analytics company, International Data Corporation...read more

Brokers play key role in integrating risk

In today’s volatile economic and business environment, as more companies come to accept that the sustainability of their businesses is invariably linked to sound and thorough risk management policies and strategies, there is a higher demand for specialist broker skills to ensure coverage for all contingencies..........Read More 

How to Get A Healthy Attitude Towards Money

When things are not going well financially, it is too easy to just try to ignore the problem. However, ignoring it will not work because money is a part of everyday life. In this helpful article, you will find all the information you need to take control of your finances...read more