Short-term market

The South African financial sector has been relatively immune to the meltdown in foreign markets, and while the performance of equities has impacted on the bottom line of some of the SAIA members, we have not seen a headlong rush to government to seek bailout funding. The solvency of short-term insurers remains good, despite the loss of value of equities, with a marginal improvement in solvency of typical insurers for the year to December 2008, as per the latest report from the Financial Services Board.

This is not to say that the industry is complacent, far from it. Already we have seen a slowdown in South African exports, a large loss of value of the South African rand, and a sharp reduction in new car sales. Of course, all of this will affect South African insurers, so there will be tough times ahead for our members. On the positive side, our member companies are well capitalised with sound solvency margins, so there is no panic among insurers, just a firm belief that they will be able to ride out the storm.

>> Click here to read the 2009 SAIA Chairman’s Report
>> Click here to read the 2009 SAIA Chief Executive’s Report
>> Click here to read the latest Financial Services Board (FSB) Quarterly Report on the results of the short-term insurance industry

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The South African Insurance Association
Association Incorporated under Section 21
Registration No.1998/25543/08

Postal address:
PO Box 30619
Braamfontein
2017

Physical address:
3rd Floor, JCC House
27 Owl Street
Milpark

Contact detail:
Tel: +27 11 726 5381
Fax: +27 11 726 5351
Email: info@saia.co.za

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Short-term market

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