SAIA

South African Insurance Association

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From the Desk of the Chief Executive- February 2018 Bulletin

Collaboratively shaping the future of the non-life insurance industry

Welcome to the first edition of the SAIA bi-monthly Bulletin for the year 2018. I sincerely hope that you had a good rest during the December/January holidays to see you back at work focusing on key issues we need to tackle to get our industry to the next level.

So much has happened over the last few days in the political sphere including a change in our Head of State and government. As an industry, we welcome the new President and his recently sworn in cabinet. I would also like to welcome our new Minister of Finance, Hon. Nhlanhla Nene and his Deputy Minister Hon. Modli Gungubele. I hope that our well-nurtured relationship that led to numerous successful collaborative efforts with their high offices will continue bearing fruit for the benefit of all South Africans.

In our September 2017 edition , I highlighted what the then Deputy Minister of Finance, Sfiso Buthelezi had said in his SAIA Annual Cocktail Function speech held at The Venue. The Deputy Minister had singled out three key focus areas for the industry, namely improving access to insurance, transforming the insurance sector and partnering with government to address climate change.

Fast forward into 2018, our key focus areas remain the same, albeit with a greater need for the industry to steam ahead with more speed regards the initiatives started in 2017. Transformation in the non-life insurance industry remains at the top of the agenda for the year 2018/19 and beyond. The SAIA will continue working in collaboration with its counterparts, the financial intermediaries or brokers as well as the government to see a transformed, inclusive and sustainable non-life insurance industry.

We cannot talk transformation and financial inclusion without touching on Consumer Education. Our SAIA Consumer Education initiative kicks off on various radio stations at the beginning of March, 2018. The campaigns will be aired on a number of radio stations including Jozi FM, North West FM, Rise FM and Izwi Lomzansi FM through 30 minute programmes that will involve interviews with insurance experts.

The Financial Sector Charter summit is scheduled for the 5th and the 6th of April, 2018. This summit will see important government role players, labour, the SAIA, ASISA and BASA meeting to further deliberate on pressing transformation issues within the financial sector. As the SAIA, we have always maintained a collaborative approach where both government and the private sector deliberate to find common ground on prominent industry or economic issues.

The global marine insurance fraternity is looking forward to the upcoming International Union of Marine Insurers (IUMI) Conference which will be taking place on African soil for the first time in 144 years. The conference will be held at the Cape Town International Convention Centre (CTICC) from the 16th to the 19th of September 2018 and registrations will be opening in March, 2018. You will find a registration link on the dedicated website on www.iumi208.com

Cape Town is faced with an unprecedented drought which is set to trigger a chain of events, should we get to Day Zero. The SAIA has been working through its Cape Town Drought Project team engaging its members and conducting impact assessments in a number of areas both to the consumer and business. Even though we hope never get to Day Zero, the risk remains real and all precautions need to be taken by both business and consumers.

We urge business and consumers to closely liaise with their insurers and or brokers so that they have a full comprehension or understanding of their insurance contracts. This knowledge will arm them with the required information on the cover provided by their policy. They will also know how to go about their claims, if any, should we unfortunately get to Day Zero. We should however be cognisant of the fact that Cape Town is a winter rainfall area and we will, in the meantime, keep our fingers crossed for a good quantity of raindrops to save us from Day Zero.

Viviene