The Financial Services Board (FSB) published the proposed Binder Regulations on Friday, 22 August 2011 for public comment (by 5 September) after some two and a half years of debate. Following a few minor subsequent amendments, the regulations have now been passed effective from the beginning of 2012. The explanatory memorandum to the regulations confirms …. »
There is no doubt that the local insurance industry is going to be shaken up over the next ten years and that by 2021, the South African insurance industry will look very different to what it does today. There are currently about 120 short-term insurance licences in South Africa, and more than 80% of the …. »
The sustainability of the short-term insurance industry in South Africa has received much attention in recent months, as stakeholders debate exactly how long companies operating in the industry can continue with falling profits and rising costs. However, while current market conditions are tough, this is actually part of an existing insurance cycle, not just a …. »
The South African marine insurance market, which essentially may be described as a cargo market, including goods in transit, has proved a profitable area of operation for insurers over many years, with the possible exception of 2007 where the loss of the vessel MSC Napoli resulted in the largest marine loss ever. A niche risk …. »
The South African marine insurance market, which essentially may be described as a cargo market, including goods in transit, has proved a profitable area of operation for insurers over many years, with the possible exception of 2007 where the loss of the vessel MSC Napoli resulted in the largest marine loss ever. Uninsured KZN …. »
Insurance forms an essential element of a combined strategy to tackle food security, but that insurance has to be effective and risk assessment needs to be knowledgeable and thorough. Conventional methods of insurance often fail to answer to the constantly changing needs of the dynamic agricultural sector. Specific cover for specific needs is what clients …. »
The 2008 Companies Act codified directors’ common law fiduciary duties and responsibilities, and introduced further statutory liability for these individuals in their personal capacity. Directors of all companies are now held, at an unprecedented level, to be personally responsible for any actions and decisions they make on behalf of the company. Legally, the directors of …. »
The Ombudsman for Short-term Insurance would like to caution consumers purchasing insurance cover from insurers to satisfy themselves prior to inception of any contract, that the policy offered by the insurer covers their specific risk needs and not to be fooled into purchasing insurance products because they offer a low premium. It is well known …. »
COVER interviewed Nick Swart, Etana’s divisional MD of Construction, Engineering and Guarantees. COVER: Why has this become such a highly competitive environment lately? Is this owing to an increase in players? In recent years, especially leading up to the World Cup, there has been a lot of building happening in South Africa, which has resulted …. »
Dave Jack, BnBSure. There seems to be an idea amongst certain sectors of the insurance industry that risks in the tourism industry are like any other and can be underwritten on the same basis as any other risk – the one-size-fits-all concept. Nothing could be further from the truth. This particular industry is unique and, as …. »
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