Jun 21, 2022
s the cold begins to bite, load-shedding continues to be the story of our lives in South Africa. For more than 14 years, electricity generation and supply have been interruptive to both the business fraternity and domestic consumers, but most importantly, a major concern for the insurance industry.
May 13, 2022
The South African Insurance Association (SAIA) welcomes the release of the Financial Sector Transformation Council’s (FSTC) State of Transformation Annual Report as Amalgamated for 2018/19 and 2019/20 financial periods that was launched on 10 May 2022.
Apr 30, 2022
Following the floods disaster that took place in the coastal province of KwaZulu-Natal during the Easter weekend, most residential houses or properties impacted are yet to be restored as insurers continue to work meticulously to ensure that policyholders get the attention they deserve during this challenging period.
Apr 08, 2022
The prevalence of underinsurance has become more evident over the last few years. This was amplified by the losses suffered due to fires and floods in KwaZulu Natal, but perhaps more particularly, the losses resulting from the Covid-19 pandemic, and the ensuing business interruption (BI) claims. These phenomena continue to expose the gulf between insurers and the policyholders’ understanding of the extent of their risk exposures.
Mar 08, 2022
The SAIA Climate Change Webinar, held on 23 February 2022 was a success story as registered attendees topped 500
Mar 05, 2022
Finance Minister Enoch Godongwana’s maiden budget tabled on 24 February 2022 offered somewhat of a relief by subduing tax rises and repositioning other personal taxes, especially for ordinary households which have been under extreme pressure over the last few years.
Feb 02, 2022
Significant changes in weather patterns over the last decade have led to flood disasters, droughts, and wildfires. This has cost both government and the private sector, especially the insurance industry billions of Rands collectively.
Dec 13, 2021
The year 2021 was a year of mixed fortunes for different industries as corona virus restrictions remained in force, albeit in relaxed form in some countries. Some industries continued to shed employees as demand for their products slowed.
Nov 11, 2021
The South African Insurance Association (SAIA) welcomes the R11-billion allocation for SASRIA in the Medium-Term Budget Policy Statement presented to Parliament today by the Minister of Finance.
Nov 03, 2021
In his letter to the nation dated 11 October 2021, the President of South Africa, Mr Cyril Ramaphosa, stated that it is no exaggeration to say that the world is facing a climate crisis of unprecedented proportions.
Aug 26, 2021
The South African Insurance Association (SAIA) has received new enquiries from concerned motorists about how insurers would treat motor vehicle claims where the insured person’s driver’s licence has expired after 31 August 2021.
Jul 23, 2021
The South African Insurance Association at its Annual Meeting held virtually on 22 July 2021 has re-elected the board and welcomed newly elected Board Member, Mr Phillip Donnelly who joins the SAIA Board from Bidvest Insurance Company Ltd.
Jul 14, 2021
The South African Insurance Association (SAIA) calls on all policy holders who have suffered losses or damage to property and or business operations which has been estimated to be in the billions to reach out to their respective insurance companies or brokers/financial intermediaries for assistance.
Jul 12, 2021
The South African Insurance Association (SAIA) has observed with concern the looting of businesses, damage to property and infrastructure, and the barricading of roads and damage to vehicles due to the civil unrest currently sweeping across South Africa’s provinces.
Jul 09, 2021
As the third wave of Covid-19 rages through South Africa’s economic hub, Gauteng, and the rest of South Africa, both public and private hospitals have reported an unprecedented demand for hospital beds.
Jun 01, 2021
The government kicked off its phase 2 of the COVID-19 vaccinations in earnest during May 2021, with minimal people in the 60+ age group registering discontent. It is pleasing to know that the government had progressed from the “talk and planning” to execution mode.
Apr 30, 2021
During April we celebrated Earth Day and our President, Mr Cyril Ramaphosa, joined some more than 40 world leaders at a climate summit convened by US President, Mr Joe Biden, to discuss the global climate change effort in the run-up to the next international climate conference taking place in Glasgow, Scotland in November 2021. Reporting back, the President stated that indeed there was a common appreciation at the summit that there was a need for the international community to dramatically scale-up efforts, raise levels of ambition, and support other developing countries with the means to implement climate actions.
Apr 21, 2021
The South African Insurance Association (SAIA) has observed with appreciation the efforts by all who played a role in containing the fires that engulfed Cape Town this week.
Apr 21, 2021
Earlier this year, the President of the Global Federation of Insurance Associations (GFIA) Don Forgeron commented on the G20 statement that a key issue facing the global economy is climate change.
Mar 31, 2021
In its report titled: Economic Conditions Outlook, March 2021, global consulting firm, McKinsey, states that despite the weak demand that continues to threaten corporate growth globally, the Covid-19 pandemic remains the biggest risk to overall economic growth.
Mar 29, 2021
At the end of March last year, the Government, responding to the global outbreak of the COVID-19 pandemic, placed the country at Level 5 lockdown. Only essential workers could move about. Here we are, 12 months down the line, and the country sits on Level 1
Feb 28, 2021
As we wind down the year 2020, global communities remain firmly engaged in several Covid-19 pandemic prevention and recovery programmes aimed at minimising its socio-economic impact. The lockdown of global economies because of the pandemic resulted in the permanent shut down of thousands of businesses, millions of people losing their jobs, and over 1.4m global deaths.
Jan 31, 2021
As we wind down the year 2020, global communities remain firmly engaged in several Covid-19 pandemic prevention and recovery programmes aimed at minimising its socio-economic impact. The lockdown of global economies because of the pandemic resulted in the permanent shut down of thousands of businesses, millions of people losing their jobs, and over 1.4m global deaths.
Dec 14, 2020
The December holiday period is generally a time when most businesses close, enabling families to regroup and celebrate the holidays as a unit and engage in family activities.
Nov 30, 2020
As we wind down the year 2020, global communities remain firmly engaged in several Covid-19 pandemic prevention and recovery programmes aimed at minimising its socio-economic impact. The lockdown of global economies because of the pandemic resulted in the permanent shut down of thousands of businesses, millions of people losing their jobs, and over 1.4m global deaths.
Nov 29, 2020
The December holiday period is generally a time when most businesses close, enabling families to regroup and celebrate the holidays as a unit and engage in family activities.
Oct 31, 2020
The end of October 2020 saw the Hon. Minister of Finance, Mr Tito Mboweni finally giving the Mid-Term Budget Policy Speech (MTBPS) which had been earlier postponed.
Oct 06, 2020
South Africans were elated by President Cyril Ramaphosa’s address on 16 September 2020, announcing that our nation would effectively be shifting gears to Alert Level 1 at midnight on Sunday 20 September. This announcement, which had long been anticipated by business, gave rise to a new glimmer of hope as preparations to further open many other economic sectors which had been restricted began in earnest. It was indeed music to the ears of our fellow hospitality and tourism industry counterparts who have suffered immensely during the lockdown that began at the end of March 2020.
Sep 02, 2020
Understanding the access to, use of and demand for financial services
Jul 28, 2020
Statement by the South African Insurance Association on interim relief for infectious disease claims
Jul 27, 2020
Johannesburg – At its first ever virtual Annual General Meeting (AGM) held on 23 July 2020, the South African Insurance Association (SAIA) successfully nominated a new SAIA Board of Directors composed of non-life insurance member companies, reinsurance companies and state-owned enterprise chief executives and managing directors
Jun 17, 2020
Johannesburg - It is with great pleasure to announce to you that the South African Insurance Association (SAIA) has appointed Ms Pamela Ramagaga to the position of General Manager: Insurance Risks effective 1 June 2020.
May 25, 2020
The South African Insurance Association (“SAIA”) is the industry representative body for the non-life (short-term) insurance industry and its core functions include the representation of its members’ interests to the public and the media.
May 15, 2020
The COVID-19 pandemic and the resultant lockdown has created unprecedented socio-economic challenges in the lives of South Africans.
Apr 06, 2020
The non-life insurance industry is fully committed to supporting the measures put in place by State President, Mr Cyril Ramaphosa, together with the Government of South Africa to protect South Africans and attempt to contain the spread of COVID-19. The industry plays an important role in the economy and commit to support staff, clients/policyholders and suppliers to the industry as much as possible during these difficult times.
Mar 27, 2020
In support of the announcement made by President Cyril Ramaphosa on 23 March 2020, that ordered the entire nation into a full lockdown in a bid to slow down the rate at which the COVID-19 virus is spreading in South Africa, SAIA employees will, with immediate effect work remotely in the safety of their homes.
Mar 18, 2020
Following the national disaster declaration made by the President of South Africa, Mr Cyril Ramaphosa, on 15 March 2020 around the spread of the coronavirus, the South African Insurance Association (SAIA) has decided to postpone the SAIA Breakfast Session which was to be held on 19 March to a later date in May 2020. Should the restrictions still be in place at that time, we will reassess the event and inform the industry accordingly.
Feb 25, 2020
Johannesburg – The South African Insurance Association (SAIA) has successfully launched the third series of its Consumer Education Radio Programme which commenced on Tuesday, 18 February 2020.
Feb 04, 2020
2020 kicked off with a big bang for SAIA. I would like to highlight some of the current important matters on the industry agenda below.
Dec 09, 2019
The South African Insurance Association (SAIA) would like to announce the resignation of its General Manager: Insurance Risks, Mr Nico Esterhuizen who will be leaving the association at the end of December 2019. After more than 9 years at SAIA, Mr Esterhuizen has decided to pursue other interests which he is extremely passionate about, in the NGO space.
Dec 09, 2019
Road safety has become a global issue that ranks as one of the most pressing matters facing society today. The United Nations’ Global Road Safety Strategy, which was released early 2019, estimated that globally, nearly 1.3 million lives are lost annually as a result of road traffic collisions, resulting in more than 3 000 deaths each day.
Dec 09, 2019
The year is finally coming to an end and the South African Insurance Association (SAIA) has tirelessly worked through the challenges faced by the industry, actively collaborating with valued stakeholders within the sector to achieve and maintain a sustainable non-life insurance sector.
Dec 04, 2019
The South African Insurance Association (SAIA) encourages consumers to consider taking extra care in protecting their identity this festive season. Criminal activity tends to increase considerably over the holiday season
Nov 01, 2019
In response to a request by the Financial Services Conduct Authority (then Financial Services Board) that industry bodies, namely the South African Insurance Association (SAIA), the Financial Intermediaries Association (FIA) and the South African Underwriting Managers Association (SAUMA)...
Nov 01, 2019
At SAIA we believe that the SAIA Monthly Bulletin is a platform of paramount importance not only for SAIA, but also for the non-life insurance industry at large. Through this platform, SAIA will continue to deliver valuable and current information about our initiatives and any other issues that impact the non-life insurance industry.
Sep 05, 2019
Johannesburg – The Business for Road Safety (BRS) forum, an initiative formed by the South African Insurance Association (SAIA) in collaboration with other relevant stakeholder business associations launched its Road Safety Pledge on Wednesday at Midrand Conference Centre.
Sep 04, 2019
Johannesburg - The South African Insurance Association (SAIA) Board has announced Mr Cedric Masondo, Managing Director at Sasria (SOC) Ltd and Mr Herman Schoeman, Chief Executive Officer at Guardrisk Group (Pty) Ltd as its new Chairman and Deputy Chairman respectively.
Aug 29, 2019
President Cyril Ramaphosa recently signed the Administrative Adjudication of Road Traffic Offences Bill (AARTO) into law, effectively bringing to life the demerit system aimed at penalising drivers and operators who are habitual offenders of rules governing the use of public roads.
Aug 29, 2019
President Cyril Ramaphosa has recently signed the AARTO Bill into law. It is now called the AARTO Amendment Act, 2019 (Act No. 4 of 2019) and will come into operation on a date that will be confirmed by announcement in the Government Gazette.
Aug 29, 2019
Deloitte hosted workshops with smaller work groups, which included insurers and intermediaries in the non-life insurance industry, to understand their respective businesses and identify areas where possible money laundering and/or terrorism financing risks may arise, if any.
Aug 29, 2019
On 15 July, Gartner published the 2019 hype cycle for ICT in Africa. This is an insight roadmap that illustrates the transitioning digital realm, highlighting technologies entering the mainstream world against possible future technologies under exploration.
Aug 19, 2019
The South African Insurance Association (SAIA) welcomes the recent announcement made by the City of Johannesburg confirming that an initial order to the value of R216 million for fire engines and other fire emergency vehicles has been placed with its respective supplier.
Jul 31, 2019
The SAIA Annual General Meeting (AGM) and Cocktail Function was successfully held on Thursday 25 July 2019, where a new SAIA Board was nominated to guide our organisation into the future. On behalf of the SAIA, its executive and staff, I would like to welcome the new SAIA Board, and believe that its expertise in a wide range of specialist fields in the financial sector will help the industry safely navigate through the numerous insurance risks it faces.
Jul 31, 2019
At the 2019 African Insurance Exchange Conference, the Prudential Authority advised that the following work is in progress:
Jul 31, 2019
The SAIA Consumer Education Radio Programme could not be a success without continuous support and contributions from the SAIA members, both financially and through proficient input from industry experts, which has had a profound impact on the scope of our projects. It is with this view that SAIA would like to recognise the contribution of two individuals who have gone beyond the call of duty to support our radio programme over the last two years.
Jul 31, 2019
Deloitte hosted workshops with smaller work groups, which included insurers and intermediaries in the non-life insurance industry, to understand their respective businesses and identify areas where possible money laundering and/or terrorism financing risks may arise, if any.
Jul 31, 2019
The Insurance Database System (IDS) is an information sharing platform established by SAIA for the benefit of the wider non-life insurance industry. The platform is aimed at combating fraud and managing risk within the industry. In its current format, IDS comprises of motor related information on personal lines claims and policy information, pooled by participating SAIA members of the non-life insurance industry.
Jul 31, 2019
As part of the SAIA broad objective of finding solutions to lower the input cost of insurance, SAIA members and the National Association of Automobile Manufacturers of South Africa (NAAMSA) meet regularly to discuss industry-specific challenges and seek solutions to agreed challenges.
Jul 31, 2019
The SAIA Board reviews the SAIA strategy every three years to ensure that the focus areas remain relevant matters and for the foreseeing three years SAIA will continue to focus on transformation and matters relevant to insurance business being:
Jul 08, 2019
President Cyril Ramaphosa’s 2019 State of the Nation Address themed “Let’s grow South Africa together as we celebrate 25 years of freedom” highlights key priorities for government over the next decade. Many of these initiatives will have a direct bearing on business and the sustainability of the non-life insurance industry.
Jul 08, 2019
The non-life insurance industry has a special relationship with service providers as they play an integral role in fulfilling an insurer’s customer value proposition to the insured/policyholder.
Jul 08, 2019
Following the inaugural annual general meeting of the VDQ, held in June 2019, the following SAIA representatives have been appointed to the Board and the Executive Committee of the VDQ for the next financial year.
Jul 08, 2019
Deloitte is in the process of developing a comprehensive risk assessment to determine whether the universe is at risk for money laundering and/or terrorism financing risks.
Jul 08, 2019
If you registered for the upcoming insurance conference on behalf of someone else, please forward this and further communications to them.
Jul 08, 2019
The purpose for the implementation of the Solvency Assessment and Management (SAM) framework is to protect the insured by enforcing regulations, therefore ensuring that insurance companies reserve adequate capital to meet short-term and long-term claims.
Jun 07, 2019
The Ombudsman for Short-Term Insurance (OSTI) recently released its Annual Report on Operations for 2018. We value the role that the OSTI plays in providing consumers with a fair and transparent dispute resolution mechanism when it comes to non-life insurance disputes and welcome the report as it provides important information which offers relevant insight into the conduct of our industry with regards to complaints.
Jun 07, 2019
Certain NaTIS coding and salvage practices in the non-life insurance industry might not align with the Regulation 13A of the National Road-Traffic Act (Act 93 of 1996). This resulted in SAIA and the Insurance Crime Bureau (ICB) engaging with the Department of Transport (DoT) to seek a solution to ensure compliance and practicality.
Jun 07, 2019
SAIA was recently invited to participate in a SABC 1 Consumer Affairs show which looked at consumer issues regarding towing. The focus was not only on the insured market but also the ordinary man on the street who might require towing services.
Jun 07, 2019
In light of promoting and encouraging the non-life insurance industry’s participation towards contributing to transformation of the Financial Sector, SAIA is continuously engaging with various Enterprise Supplier Development (ESD) service providers and other industry bodies for potential procurement of relevant services and/or suitable strategic partnerships.
Jun 07, 2019
As an interim measure whilst Deloitte conducts the risk assessment on money-laundering (ML) and terrorist financing (TF) risks in the non-life insurance industry, the SAIA Board agreed at its meeting on 4 March 2019 for SAIA members to enter into an agreement with the FIC, whereby members will share information with the FIC on request, using the FIC’s go-AML reporting tool.
Jun 07, 2019
The issue of transformation has long been a hot topic in our industry. What is unquestionable is that we’re all committed to a transformed economy. What is often less clear is how to go about achieving it. It sometimes seems like such a big task that it leaves us reeling. But if we go about it one small project at a time, it really is achievable.
Jun 07, 2019
The South African Institute of Charters Accountants (SAICA) Enterprise Development’s approach to Enterprise and Supplier Development (ESD) is centered on two critical matters faced by young South Africans.
Jun 07, 2019
The non-life insurance industry has remained highly competitive and continually try to find ways to remain attractive to consumers, while ensuring the sustainability of the industry.
Jun 07, 2019
Every year Southern African’s experience natural and man-made catastrophes which cause loss of lives and substantial economic losses. These catastrophes have devastating effects on communities, businesses and government.
May 20, 2019
The South African Insurance Association (SAIA) welcomes the announcement by the City of Johannesburg’s Public Safety Department that it has invested R16,4-million in upgrades to nine of the city’s fire stations. The upgrades are expected to be completed before the end of May 2019.
May 02, 2019
The Minister of Transport, Dr Blade Nzimande, announced a 41% decrease in road fatalities over the Easter holiday period. The Minister noted that there were 104 road fatalities nationally this year compared with 504 deaths during the same period last year. However, the Road Traffic Management Corporation (RTMC) reported that at least 549 drivers were arrested for various offences during the holidays, with 312 arrested for drinking and driving.
May 02, 2019
The Insurance Crime Bureau is happy to announce that we have updated the Insurance FraudLine logo, but with the same contact information.
May 02, 2019
The Financial Sector Transformation Council (FSTC), formerly the Financial Sector Charter Council, is in the process of reviewing the Financial Sector Code (FSC) as per the requirement under Statement FS-000, par 12 of the Amended FSC, gazetted in December 2017.
May 02, 2019
Since its inception in 2004, the SAIA Consumer Education initiative continued to expand its consumer education project offerings by embracing various platforms to reach and impact its target market.
May 02, 2019
Following Deloitte’s appointment as the service provider to conduct the risk assessment on Money Laundering (ML) and/or Terrorist Financing (TF) risks that may exist in the non-life insurance industry (the industry), Deloitte developed a risk universe which they researched through their global network and facilitated a workshop to validate the findings of the risk universe. Representatives at the workshop included members of SAIA, the Financial Intermediaries Association (FIA), South African Underwriting Managers Association (SAUMA), Insurance Crime Bureau (ICB), the FIC, Prudential Authority and the Financial Sector Conduct Authority.
Apr 26, 2019
The South African Insurance Association (SAIA) notes with concern the forecasts for further heavy rains and localised flooding in KwaZulu-Natal that have already suffered weather damage over the past few days.
Apr 15, 2019
The South African Insurance Association (SAIA) Board recently met to deliberate on the key focus areas of our business for the next three years. In considering our focus areas, the Board also noted the challenging economic conditions within which the whole financial sector has been operating under over the past decade.
Apr 15, 2019
In January 2019, the Business for Road Safety Forum (BRS) approved its 2-year strategy which is to be implemented effective 2019. This strategy is in alignment with the South African National Road Safety, and its intended at making a measurable impact within the last 2 years of “the decade of action”.
Apr 15, 2019
Recent years have shown a substantial increase in losses within the personal and commercial property classes of business of insurers in South Africa. Classes mostly affected include fire, business interruption, buildings and assets. The majority of the causes of these losses have been attributed to changing weather patterns and the severe water scarcity being experienced in many areas. Flooding of highways, severe hailstorms, tornado’s, wildfires and drought conditions across several provinces are some of the contributing factors.
Apr 15, 2019
Vehicle Damage Quantifier (VDQ) – minimum professional requirement to operate in the Motor Body Repair and Insurance industries as an Estimator or Assessor in now fully operational and already has 1194 members registered on the system.
Apr 15, 2019
A Technical Expert Panel was convened in December 2017 to provide comment and input into the initial draft of the Bill produced by the drafting team. This Panel comprised of members selected by the National Treasury (NT) or nominated by various industry associations including SAIA, based on participants’ knowledge and expertise in the area of market conduct policy and regulation.
Apr 15, 2019
Chapter 16 of the Financial Sector Regulation Act (FSRA) provides for a process for the determination of fees for the performance of specific functions by the Prudential Authority under the FSRA and financial sector laws. The chapter will only come into effect once the Financial Sector Levies Bill (Levies Bill) is enacted.
Apr 15, 2019
The following update is intended to explain the latest developments at Intermediaries Guarantee Facility Limited following changes to the Non-lifeInsurance Regulation, that was published on 28 September 2018.
Apr 15, 2019
An improved format; more opportunity to do business; an excellent speaker line-up; coverage of a broader spectrum of the industry; an expanded list of leisure activities – these are just some of the elements that are being planned for the 2019 African Insurance Exchange (AIE).
Apr 15, 2019
Good faith (Bona fides) is the cornerstone of insurance. It follows that the contract between the insured and the insurer should be one of good faith. Insurance policies are underwritten based on the information disclosed to the underwriter by the proposer regarding the risk to be insured. The proposal form contains numerous questions, and the underwriter will use the answers provided to assess and establish the extent of the risk and the terms they are prepared to accept the risk. Proposal forms are not necessarily exhaustive, and the proposer has an obligation to disclose any additional information which may influence the decision of the underwriter.
Apr 15, 2019
Risk management (and linked to that, mitigation) is increasingly becoming an area of concern for brokers, insurers and reinsurers as recent losses have resulted in large insurance claims. With the many issues facing the fire and insurance industries at present (including a lack of water in the Western Cape) it is crucial that all stakeholders remain committed to ensuring best practices are followed when it comes to the design and installation of sprinkler systems.
Apr 15, 2019
Financial literacy and consumer education have become a significant complement to market conduct and prudential regulation. Therefore, SAIA seeks to continue enhancing financial knowledge and understanding of future financial sector consumers with the intention of improving their confidence when making financial decisions and interacting with the sector products and services.
Mar 05, 2019
The month of February saw two major scheduled events, the State of the Nation Address (SONA) by President Cyril Ramaphosa on 7 February and the Budget Speech delivered by the Minister of Finance, Mr Tito Mboweni on Wednesday 20 February 2019. The non-life insurance industry, like all other industries, operate in the broader social, political and economic environment and is therefore dependent on a sustainable broader environment. Therefore, much of what SAIA does relate to the sustainability of the industry, as well as the broader environment.
Mar 05, 2019
The non-life insurance (NLI) delegation has confirmed the appointment of Deloitte to conduct the risk assessment on behalf of the non-life insurance industry.
Mar 05, 2019
Like the 2018 Medium-term budget policy statements (MTBPS) this budget was very closely watched with many hoping for clarity on future direction. There appears to be more questions than answers in the current environment and more groups with different views and interests than what the fiscus can allow.
Mar 05, 2019
In order to make insurance products more affordable, it is important to understand the driver of insurance pricing and the role of the government and other non-insurance businesses play in reducing insurance risks.
Mar 05, 2019
The SAIA Consumer Education Fund Initiative has focused on improving financial literacy and risk management capabilities of consumers in various life stages since its inception in 1994.
Feb 27, 2019
Johannesburg, 27 February 2019 – Runaway fires can be devastating as lives and property can be lost. Nothing can ever prepare one for the consequences of an unplanned, sporadic and ravaging wildfire. In the last few years, South Africa has witnessed several devastating veldfires that have cost the non-life insurance industry billions of Rands. In 2017, a devastating firestorm in the southern Cape engulfed large parts of Knysna, Brenton-on-Sea and parts of Plettenberg Bay, destroying over 1 000 properties in its wake and leaving behind almost 10 000 people evacuated and seven deaths.
Feb 21, 2019
Johannesburg, 21 February - Businesses and households were left scrambling to keep the engines and the lights on after the national power utility, Eskom, suddenly plunged South Africa into darkness over a week ago. Speaking in Parliament on Tuesday last week, Minister of Public Enterprises, Pravin Gordhan alluded to the fact that Eskom was facing structural, operational and financial challenges.
Feb 05, 2019
Extreme weather conditions predicted for first quarter warns Insurance Association
Jan 30, 2019
Generally, when the year comes to an end, most of us take some well-deserved time off to travel far and wide to spend time with loved ones and family - while some remain at home to keep the candles burning - but also taking it easy and resetting for 2019. Either way, I am sure that we are well-rested and now rearing to take the challenges coming with the new year head on.
Jan 30, 2019
Non-life insurance product penetration and its use has remained low and to some extent stagnant over the years. By the end of 2018, eNaTIS statistics indicated that there were about 12, 5 million live vehicles on South African roads, however, the number of such vehicles being insured has remained low at range of between 35% and 37%. This presents challenges for the non- life insurance industry as it implies that only 1 out 3 cars on the road is covered in the event of an accident or any other event that could lead to the loss or damage of the vehicle.
Jan 30, 2019
t’s been nearly two years since SAIA, in collaboration with its members and Motor Body Repairer (MBR) associations, started the project to certify MBRs for out of warranty repair work. The standard was a concerted effort from various players in the insurance and MBR industries to have one MBR standard that SAIA members could use when on-boarding MBRs to their preferential procurement panels.
Jan 30, 2019
The following update is intended to explain the latest developments at Intermediaries Guarantee Facility Limited following changes to the Short-Term Insurance Regulation, that was published on 28 September 2018.The regulations provide that a credit intermediary is no longer required by law to hold a financial guarantee. Rather the authorities expect insurers and the market to in future manage the relevant risks facing them in respect of credit risk.
Jan 30, 2019
The NLI delegation responsible for engaging with the FIC on the proposal to include non-life insurance (NLI) into the realm of accountable institutions, has completed its review of potential service providers, for the risk assessment agreed to with the FIC. The objective of this risk assessment is for a third party to highlight to the FIC and the insurance industry potential money laundering (ML) and terrorism financing (TF) risks within the entire NLI environment.
Jan 30, 2019
The Financial Sector Conduct Authority (FSCA) has published a FAIS Notice which seeks to exempt certain Financial Services Providers and Representatives from the provisions of the FAIS Act. The Notice comes into effect on 1 February 2019.
Jan 30, 2019
Every year, thousands of lives are lost in South Africa as a result of road accidents. Sadly, for the 2018/2019 festive period, which is the period between 01 December 2018 to 08 January 2019, the number of road fatalities recorded are 1612. These statistics were announced by the Minister of Transport, Dr Blade Nzimande, on 16 January 2019. These statistics have further derailed the country from achieving its “decade of action” target, which is aimed at reducing the number of road fatalities by half.
Jan 30, 2019
Effective 12 August 2016, the Minister of Trade and Industry (Minister) declared amendments to the compulsory specification for hot water storage tanks for domestic use (VC 9006). However, the Minister declared the effective date of clause 3.2 of VC 9006 to be 12 August 2017. Clause 3.2 of VC 9006, which is now in operation, demands that fixed storage water heaters have a minimum energy efficiency rating of class B when tested in accordance with SANS 151.
Dec 04, 2018
Johannesburg - The holiday season is fast approaching, and across the country, thousands of motorists are preparing to pack their cars and either head home or to their holiday destination.
Dec 03, 2018
As we begin to wind down the year, it is only normal that we take stock of our accomplishments and the challenges we all faced and navigated through the year. Our industry certainly faced a myriad of challenges, from regulatory to transformation, which we have carefully navigated in collaboration with all our valued stakeholders.
Dec 03, 2018
International Finance Corporation (IFC) facilitates Index Based Insurance training for the Financial Sector Conduct Authority (FSCA) and Prudential Authority (PA) and Department of Agriculture, Forestry and Fisheries.
Dec 03, 2018
During the change process at SAIA a few years ago, a member survey that sought to investigate how best we could communicate and share information between SAIA and its members was conducted and the outcome of that exercise was that a possible deployment of member company representatives, whose responsibility will be to receive information from SAIA and effectively channel or redistribute it to relevant departments within member companies to be referred to as SAIA Champions, could be of great assistance.
Dec 03, 2018
The Automobile Association of South Africa (AASA) together with the New Car Assessment Program (NCAP) released the 2018 crash test results, on 2 November 2018. The results were based on four car models currently on offer to the South African consumer. The test videos and car safety ratings were alarming considering the extent of damage to the vehicle and injury of occupants when the cars where test-crashed at a speed of 64km/h.
Dec 03, 2018
The Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA) jointly published a consultation paper titled draft Joint Standard on fit and proper requirements for significant owners (SO) (SO JS 1).
Dec 03, 2018
The Working Group met on 16 July 2018 and 13 September 2018 and has finalised the Terms of Reference for the Working Group. SAIA completed the Request for Proposal (RFP), in conjunction with other stakeholders of the Working Group, which was issued to prospective service providers to conduct the risk assessment.
Nov 02, 2018
The National Treasury recently raised concerns regarding the practice by insurers of verifying only at claims stage information provided by policyholders at the underwriting stage.
Nov 02, 2018
In what was probably one of the more anticipated Medium-term budget policy statements (MTBPS) new Minister of Finance, Mr. Tito Mboweni had several very challenging and complex matters to consider. These included high unemployment, national debt, corporate governance failures at some Government departments, especially at municipality level and at some State-owned enterprises (SOEs), as well as the risk of further down-grades of South Africa’s credit rating, to name a few.
Nov 02, 2018
The Competition Commission commenced with advocacy work in the automotive aftermarket in 2016 to address complaints received by them regarding of the practices perceived as unfair. This resulted in the publication of a draft “code of conduct for competition in the automotive industry” in 2017.
Nov 02, 2018
Financial Inclusion has remained topical within the financial sector, as the majority of the previously disadvantaged individuals are still involuntarily excluded from accessing some of the products and services within the financial sector leading to very little traction in terms of improving the quality of life of an average South African.
Nov 02, 2018
In advancing the transformation agenda in the sector and prioritising the transformation objective, the Financial Sector Charter Council “FSC”, as announced, was renamed to the Financial Sector Transformation Council “FSTC” (the Council). The announcement followed the decision by the Council’s board to reconstitute the organisation to refocus its mandate on driving and monitoring transformation of the financial sector.
Nov 02, 2018
The promotion of the role the short- term insurance industry plays in the sustainability of the economy and jobs can never be downplayed. As an industry, we ensure that consumers, individuals and commercial entities are financially secure. It is this security that draws attractive investments into our country, thus promoting employment and economic growth in line with national government aspirations.
Nov 02, 2018
The SAIA Consumer Education Fund has seen a successful implementation of its 2017-18 projects, thanks to the support from members and the Financial Inclusion Committee.
Nov 02, 2018
The South African October Transport Month is here and the Business for Road Safety (BRS) Forum views this as the perfect window to promote road safety in the country. In preparation, SAIA has met with several stakeholders from both the private and public sectors to initiate a magnitude of unified communication across various social media platforms, encouraging good driver behaviour.
Nov 02, 2018
Following the Financial Intelligence Centre’s (FIC) proposal to include certain businesses or institutions that perform certain categories of activities which are currently completely outside the scope of the FIC Act with a view to potentially including them in Schedule 1 to the FIC Act including but not limited to, non-life insurers and intermediaries, a FIC Woking Group on non-life insurance business was formed.
Nov 02, 2018
It is unbelievable that in six weeks most companies will begin to break for the December holidays! This year has brought us new challenges that we, as an association, and as well as the industry bravely faced and collaboratively navigated with our various stakeholders.
Nov 02, 2018
A joint “Search and Seizure Operation” is currently being conducted by members of The Insurance Crime Bureau, The South African Police Services (SAPS) and The National Anti-Corruption Unit of the Road Transport Management Corporation (RTMC), resulting in the temporary suspension of services at the Rand West Municipal Vehicle Registration Centre in Westonaria.
Nov 02, 2018
The 2nd Engineering Insurance Conference took place on the 25th and 26th October 2018.
Nov 02, 2018
It all started some 9 years ago when the International Union of Marine Insurers (IUMI) announced that South Africa would be hosting their annual insurance conference in 2018 – the first time ever on African soil in 144 years. Since then, SAIA and AMUSA has been working tirelessly on putting together a world class event which would live up to the standards this community has become accustomed to.
Sep 04, 2018
Time is indeed flying! I cannot believe we are almost done with 2018 Q3. Our industry has remained a major player in a number of wide ranging projects and initiatives that positively contributes towards our country’s economic growth. Our members remain very active in several initiatives that enable mega projects, undoubtedly making us a key stakeholder in the economic development of our country.
Sep 04, 2018
The designation of insurance groups, controlling companies and financial conglomerates strengthens prudential oversight and makes enhanced supervision possible.
Sep 04, 2018
According to the Consultative Group to Assist the Poor (CGAP) about 2 billion working-age adults world-wide, do not have a bank account with a formal financial institution.
Sep 04, 2018
SAIA is proud to have partnered with the Financial Sector Conduct Authority (FSCA) on South Africa’s first Money Smart Week initiative, taking place from the 8th to the 12th of October 2018, in Soweto, Alexandra, Tembisa and Mamelodi.
Sep 04, 2018
Are Engineering and Property Insurance Brokers responding with effective strategy adaptation to occurrences and changes in the South African risk management landscape? Lately it has become critical for the Engineering business sector. Brokers in particular to manage client risk beyond the scope of the available insurance coverage.
Sep 04, 2018
The effort to commence the Fire Protection System Practitioner registration process (feasibility study and draft policy) started in mid-June 2004 originally. ECSA had been receiving municipal requests from 2015 to supply endorsement letters for fire engineers operating in South Africa (SA). There is currently no undergraduate degree offered in the field of fire engineering in SA.
Jul 20, 2018
Property and business interruption losses as a result of wildfire have increased dramatically in South Africa. Managing fire risk is every property owner’s responsibility as experts warn that the world is becoming warmer and drier, increasing the chances of unwanted wildfire.
Jul 03, 2018
Members of SAIA and the Financial Intermediaries Association (FIA) met with a delegation from the Financial Intelligence Centre (FIC) and Prudential Authority (PA) on 7 June 2018 to discuss an alternative proposal to the FIC’s proposed inclusion of short-term insurers as Accountable Institutions in terms of the FIC Act.
Jul 03, 2018
The Fire Protection Association of Southern Africa (FPASA) was established in 1973 to provide a specialised fire safety management technical and training service to industry, commerce and society at large.
Jul 03, 2018
There have been several important developments with regards to a post- Section 45,Regulation 4, landscape, including that the Intermediaries Guarantee Facility Limited (IGF) will continue with normal business operations until at least the amendments to the Regulations of the Short-Term Insurance Act, 53, 1998 become effective.
Jul 03, 2018
The contract with TransUnion, including annexures, has undergone a thorough review and we are now at the point where the revised documents can be circulated to the IDS Steering Committee for comment. The process going forward will allow for a commentary period of two weeks by the IDS Steering Committee, followed by discussions with TransUnion and a planned finalisation date, for sign off by the parties, of 30 August 2018.
Jul 03, 2018
A common misunderstanding is that the liability section of the Construction Risks policy would provide cover in the event that a Contractor/Builder causes damage to adjacent third party property, or injury to third parties, due to the removal of support from such property.
Jul 03, 2018
We are facing the second half of the year and it is exciting to see how much has been achieved thus far. There has been a lot of work put in by SAIA and the Board in the last six months to ensure the sustainability of our industry. We have continued to collaborate extensively with external bodies in business and in government to achieve industry objectives as determined by the Board.
Jun 12, 2018
The Financial terminology project was initiated by the Department of Arts and Culture (DAC) in collaboration with the Financial Services Board (FSB). The project was identified around 2015 and its focus was to develop an English source text in the first phase of the project. The second phase was aimed at providing target term equivalents in the other 10 official languages, namely: Sesotho, Setswana, Sepedi, Tshivenḓa, Xitsonga, isiNdebele, Siswati, isiZulu, isiXhosa and Afrikaans. The target language equivalents provided in the 10 official languages will be used to promote and facilitate the implementation of consumer financial awareness and education projects.
May 21, 2018
The following questions and answers have been compiled to provide guidance in respect of the impact of the change in VAT rate on short-term insurance transactions. It has been prepared in accordance with the VAT Act, Short-term insurance specific SARS Binding General Rulings (BGR14, BGR32 and BGR37), Regulatory requirements and the common approach to the change to be applied across the industry.
May 09, 2018
The Nedlac Financial Sector Transformation Workshop took place on the 5th and 6th of April, 2018. It was well-attended by our senior executives including CEOs from our member companies. The SAIA delegation agreed that despite the fact that agreements were not yet reached and cemented, the two days spent at the workshop were time well spent. Listening to the issues and perceptions other constituencies have with regards to the Financial Sector first hand was indeed valuable.
May 09, 2018
While it was unfortunate that the 2nd Nedlac Financial Sector Summit did not take place on the 5th and 6th of April 2018 as it was anticipated, it is pleasing to note that the two days were still utilised effectively, with the Nedlac constituencies coming together and utilising the time as part of the negotiations build up to the Summit instead.
May 09, 2018
SAIA is excited to announce the successful launch of the Trainee Inspector Internship Programme. Phase 1 of this Programme, a six-week work readiness programme, in partnership with Harambee has already been completed. From this phase 20 candidates were selected from the original 30 to continue into Phase 2, a 6-month Trainee Inspector Programme with Waidler.
May 09, 2018
SAIA has established a new system (and database) to effectively monitor motor vehicles salvaged by insurers, with the intent to address certain aspects within motor vehicle crime.
May 09, 2018
1 April 2018 signalled the dawn of a new era for South Africa’s financial sector; the Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA), came into operation.
May 09, 2018
Traditionally, the engineering line of business has been profitable for the longest time in South Africa (SA) and that has attracted new entrants into the market in their effort to diversify their book of business and have a share of the profits. This has provided excess capacity into the market which fuels competition resulting in the fall of the premium rates. To date, the biggest challenges facing the market are the low premium rates, wider scope of coverage and the increase in the risk complexity compounded by the delay in start up cover requests. The increased competition comes at a time when the premium rates have been under pressure for a long time.
May 09, 2018
The Motor Vehicle Security Association of South Africa (VESA) supports the industry as a non-profit organisation, representing its members through the test and approval of telematics and other vehicle security products such as Alarm/Immobilisers, Gearlocks, Wheel Locks, Microdotting and much more. The approval is done against published standards and is monitored for total service delivery against said standards. Through contacts and representation to the representative insurance associations, insurers, brokers and interested financial intermediaries, VESA supports the industry through the management, monitoring and reporting of the status of service delivery of these products and services.
Apr 24, 2018
Johannesburg - The first of the South African Insurance Association’s (SAIA) flagship Consumer Education initiatives for the period 2017/18 successfully launched on 9 April through radio programmes aired on four radio stations, viz. Jozi FM, North West FM, Rise FM and Izwi LoMzansi FM.
Mar 28, 2018
The Minister of Finance in his budget speech to Parliament on 21 February 2018 announced an increase in the VAT rate from 14% to 15% effective from 1 April 2018.
Mar 06, 2018
Following a lengthy year in which the financial sector was under scrutiny for its transformation progress and or lack of, by the joint sitting of the Standing Committee on Finance (SCOF) and the Portfolio Committee of Trade and Industry, 2017 ended on a more positive note with the release of the first report on transformation of the financial sector, giving a rather balanced view of the transformation agenda within the sector.
Mar 06, 2018
Minister of Trade and Industry, Mr. Rob Davis finally gazetted the much awaited for Amended Financial Sector Codes (FSC), following a four year long alignment process.
Mar 06, 2018
The Financial Services Board (FSB) has published the proposed amendments to the General Code of Conduct for Authorised Financial Services Providers and Representatives under the Financial Advisory and Intermediary Services Act, 2002 (FAIS GCoC).
Mar 06, 2018
The National Treasury (NT) has established a Non-life Industry Expert Panel to solicit advice in the development of the first draft of the Conduct of Financial Institutions (COFI) Bill. Six representatives from SAIA member companies and a SAIA representative form the Non-Life Industry Expert Panel. The NT held meetings with the panel on 17 January 2018 and 5 February 2018.
Mar 06, 2018
The South African Insurance Association (SAIA) is aware of the ongoing media reports of an imminent water crisis in Cape Town which has raised the level of awareness of a possible prolonged period of interrupted water supply. This is true for Cape Town but also possibly many other cities and towns within the country.
Mar 06, 2018
The repealing of Section 45 and Regulation 4 of the Short-term Insurance Act 1998 by the new Insurance Act will see a change from a legislated requirement for credit intermediaries to hold a Section 45 guarantee to an unregulated market solution: commercial considerations between transacting parties, placing responsibility for the management of credit risk squarely at the foot of the insurer.
Mar 06, 2018
The first issue of the SAIA bulletin provides a timely opportunity to highlight the accomplishments of the association over the past 12 months as well as to briefly communicate its plans, key activities and general awareness for 2018 all in focus of its mission to promote technical understanding, knowledge transfer and social interaction between its members.
Mar 06, 2018
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.
Mar 05, 2018
The SAIA is elated to report that the National Grading Standards which were developed for Motor Body Repairers (MBRs) who want to do out-of-warranty work is well underway and has been widely received with enthusiasm and support from all associations representing MBRs and independent MBRs.
Dec 05, 2017
The end of the year is fast approaching and I want to take this opportunity to acknowledge our members for their participation in restoring the lives of many who were affected by the severe catastrophes and natural disasters that we were faced with this year.
Dec 05, 2017
On 22 September 2017, the Competition Commission (the Commission) published a Draft Competition Code of Conduct for the Automotive Sector (the Code) in the Government Gazette for public comment.The Code seeks to address identified concerns in the aftermarket automotive industry and will bind various signatories such as Original Equipment Manufacturers (OEMs), government bodies and industry associations.
Dec 05, 2017
At the recent inaugural South African Association of Engineering Insurers (SAAEI) Annual Conference, one of the presentations focused on the various Conditions of Contract/Contract Agreements commonly used in the Construction/Building industry, the need to understand the insurance clauses contained in each of them, and how this would impact on the cover under the Construction Risks Policy. The presenter stressed the importance of the above, as the Policy will only provide cover to the extent required in terms of the Contract Agreement.
Dec 05, 2017
The Motor Vehicle Security Association of South Africa (VESA) already enjoys the support of SAIA and many short-term insurers and are working to build upon that. Foundations already laid shows good progress and are getting good traction. VESA has been engaging widely with insurers and broker groups and are working on developing a more sustainable risk management process around vehicle security. Many insurers have recognised the need to re-evaluate security implementation on an ongoing basis and discussions are focused on requirements and re-evaluation of security levels.
Oct 19, 2017
The South African Insurance Association (SAIA) extends its sympathy to all who have been affected by the recent storms in parts of Gauteng and Kwa-Zulu Natal. Storms such as these which cause extensive damage to property and vehicles, highlight the importance of protecting one’s assets to reduce hardship following such devastation.
Oct 17, 2017
The Insurance Risk department has been kept extremely busy in the last two days due to the storms in Gauteng and KZN. Please view interviews and news clippings related to this.
Sep 11, 2017
In his keynote address at the SAIA Cocktail function in July, Deputy Finance Minister Sfiso Buthelezi pledged government’s support to the short-term insurance industry.
Sep 11, 2017
Insurers’ policy wording and claims philosophies are not updated and aligned to changes in technology and criminal behaviour. For example, the clause “forcible and violent entry” is strictly interpreted but today, criminals use car jamming devices hence the insured will be unable to demonstrate “forcible and violent entry.”
Sep 11, 2017
The South African Insurance Association (SAIA) has issued a Request for Proposals (RFP) inviting service providers to develop and implement Consumer Education projects in line with the Financial Sector Code.
Sep 11, 2017
The SAIA list of standardised terminology has been published on the SAIA website. The terms were identified by the SAIA Treating Customers Fairly workgroup on Standardised Terminology. The aim of the list is to ensure that policy wording is understood fully by the consumer and that all potentially confusing terms be defined on the list, for the ultimate benefit of the consumer.
Sep 11, 2017
Just as important as it is to ensure that Contractors All Risks (“CAR”) cover is adequate and aligns with the insurance requirements of the underlying construction contract, it is important for the purposes of ongoing insured projects to ensure that such cover remains in place and is continuous in the event that a decision is made not to renew annually renewable CAR policies, or to cancel such policies, and to substitute one insurer for another.
Sep 11, 2017
The Save-a-Car project is an initiative by the South African Insurance Association (SAIA) and insurance companies, together with other stakeholders including the National Association of Automobile Manufacturers of South Africa (NAAMSA) and Original Equipment Manufacturers (OEMs). The pilot project has been established as a mechanism to reduce the cost of repairing damaged motor vehicles deemed to be uneconomical to repair.
Aug 25, 2017
Johannesburg, 24 August 2017 - Angela Mhlanga, Head of Insurance and CEO of Standard Insurance Limited, has been appointed Deputy Chairperson of the South African Insurance Association (SAIA).
Jul 26, 2017
Deputy finance minister Sfiso Buthelezi has pledged government's support to the South African insurance industry and called on insurers to continue working in the spirit of collaboration and good corporate governance. Speaking at the South African Insurance Association's annual cocktail event, which took place on 20 July 2017 in Sandton, the deputy minister stressed that while the industry was on the right path, there was still a lot of work that needed to be done.
Jul 07, 2017
The SAIA will be hosting its Annual General Meeting (AGM) and Cocktail function on Thursday, 20 July 2017.
Jul 07, 2017
The SAIA successfully hosted its inaugural Indaba on 10 May 2017 at the FNB Conference Centre. The event, themed “Supporting the National Development Plan through the Short-term Insurance Industry,” was well attended with representatives from various stakeholders, including government, financial sector bodies, industry captains, SAIA members and the media.
Jul 07, 2017
Quality information is the bedrock of the insurance industry – from the initial risk modelling that determines one’s premiums to the claims assessment process all the way to the policy renewal stage.
Jul 07, 2017
VESA has informed the short- term insurance industry that for all purposes affecting any vehicle safety and security products and systems and/or the installation thereof, the term “VESA Approved” shall mean compliance with all of the following three requirements:
Jul 07, 2017
Sasria SOC Ltd’s core business is the provision of short-term insurance for riots, strikes, terrorism, civil commotion and public disorder to businesses and individuals.
Jul 07, 2017
The SAIA and the Associations representing the Motor Body Repair (MBR) industry are proud to announce the introduction of the National Grading Standards for MBRs who want to be certified to do repair work on cars that are out-of-warranty.
Jul 07, 2017
If the National Development Plan’s (NDP) promotion of economic growth and greater financial inclusivity is to be realised, then the ideology of economic transformation must be implemented.
Jul 07, 2017
The FIC proposes to include certain businesses or institutions that perform certain categories of activities which are currently completely outside the scope of the FIC Act with a view to potentially including them in Schedule 1 to the FIC Act including, but not limited to, short-term insurers.
Jul 04, 2017
The South African Insurance Association (SAIA) sympathises with all who have lost loved ones or property as a result of the fires and storms of the past week. The emotional and physical damage of a destructive event like this is a traumatic ordeal which not only affects the lives of many, but also scores of animals and the environment.
Jul 03, 2017
A small business owner runs a thriving business and employs 10 people. A fire breaks out leaving the factory, equipment and goods destroyed.
Jun 20, 2017
In this edition we have news on Transformation and governance risks, insurance risk, consumer education, stakeholder relations and communication as well as forum updates.
Apr 13, 2017
The South African Insurance Association, the representative body for the short-term insurance industry says yesterday’s foreign-currency rating downgrade to BB+, the first level of sub- investment grade by Standard & Poor Global Ratings is of grave concern, as it has immediate, far-reaching and long-term negative implications for the economy and the society at large.
Apr 13, 2017
The Business for Road Safety (BRS) Forum is urging all road users to be vigilant on the road and to obey traffic rules in the lead up to the long Easter weekend. Traffic volumes are expected to increase across the country as holiday-makers travel to various destinations.
Apr 12, 2017
There is little doubt that the recent cabinet reshuffle and credit rating downgrade announcement has brought a lot of concern for many South Africans, the far-reaching effects of which will be felt by the economy and society at large for some time. It is important that all leaders in government, business, organised labour and civil society, who have the interest of our country and all its citizens at heart, stand together to ensure that South Africa is on the right path to achieve a stable and sustainable political, social and economic environment for all South Africans.
Apr 12, 2017
The FSC has been approved and submitted to the Minister of Finance and is awaiting final approval and gazetting by the Department of Trade and Industry (Dti).
Apr 12, 2017
The Council for Medical Schemes (CMS) issued Circular 19 of 2017 on 15 March 2017 in respect of the Demarcation Exemption Framework, including the Guideline: Framework for Exemption of Providers of Indemnity Products that conducts the Business of a Medical Scheme from provisions of the Medical Schemes Act (MSA) 131 of 1998.
Apr 12, 2017
If I had to define insurance today, I would say: Insurance is a financial tool that helps consumers pick up where they left off, after a loss. Without insurance, every time you experienced a major loss, you'd have to start all over again. In fact, this is what the poorest of the poor around the world face every time their shacks burn down or they lose a breadwinner
Apr 12, 2017
The Motor Vehicle Security Association of South Africa (VESA) and its test house, the Accreditation Bureau for South Africa (ABS), have recently launched new specifications for Electronic Alarm and Immobiliser vehicle security devices.
Feb 07, 2017
There seems to be a sense of optimism in the air as we step into the New Year; the rand is stronger against the US dollar compared to the same time last year and the delegation attending the recent Word Economic Forum in Davos have reported strong collaboration between business, labour and government. The recent good rains over a large part of our country have also added to the change in spirit.
Feb 07, 2017
As part of the Department of Transport (DoT) Transport Month in October 2016, the SAIA issued a media release calling road users to be aware of distractions on the road. This was in support of the DoT initiatives which strive to reduce the number of, crashes accidents and road fatalities on our roads.
Feb 07, 2017
The FSR Bill is in the final stages of Parliamentary consideration. As at 7 December 2016, the Bill was referred to the National Council of Provinces (NCOP) for concurrence.
Feb 07, 2017
In 2016 SAIA commenced with the implementation of our new participative business model. This model allows SAIA to continue to actively drive common industry challenges while playing a secretarial and guidance role for specialist topics that are of interest to only a few members, known as SAIA Forums.
Feb 07, 2017
The South African Machinery Insurance Association (SAMIA) held its final monthly meeting for 2016 on 06 December. This brief summary provides an overview of the association’s plans, accomplishments and key actions aligned to its mission of promoting technical understanding, knowledge transfer and social interaction between its members.
Feb 07, 2017
Following a short break of season three of the SAIA financial literacy comedy series, Next of Next Week, the series began airing on Friday, 6 January 2017 at 17:30 on etv.
Nov 16, 2016
As we entered the final quarter of 2016 and look back at the year gone by, there was one very significant event on the financial calendar that requires mention: the Medium-Term Budget Policy Statement (MTBPS).
Nov 16, 2016
The International Union of Marine Insurance (IUMI) Annual International Conference will for the first time in its 148 year history be hosted on African soil.
Nov 16, 2016
With the expected, 1 July 2017, extinction of the Section 45, Regulation 4, guarantee requirement for credit intermediaries looming large, the question is, what now?
Nov 16, 2016
There are a number of committees and Forums at SAIA that requires commitment and hard work from all who sit on these committees.
Nov 16, 2016
The complexity of commercial farming is often not well understood, including by those involved as stakeholders in the wider agricultural industry.
Nov 16, 2016
Due to the delay in the parliamentary process, the Financial Services Board (FSB) has confirmed that the original SAM “go live” date of 1 January 2017 is no longer attainable and that a more realistic SAM “go live” date is 1 July 2017.
Nov 16, 2016
Construction Contractors are normally contractually obliged to arrange certain insurance covers of which the insurance of the contract works and the associated public liability are the most important.
Nov 16, 2016
There is a critical balance that needs to be attained between combating fraud across the lifecycle of a policy, and providing a positive customer experience at all times.
Nov 16, 2016
With VESA being incorporated into short-term insurance policies, the insurer is protected by not having to pay out a vehicle theft claim, should the insured’s vehicle not have met with the criteria of being fitted with a “VESA Approved” vehicle security device.
Oct 06, 2016
The South African short-term insurance industry says it supports efforts by the National Treasury, together with business and labour, to avoid a credit rating downgrade and to grow the country’s economy.
Oct 06, 2016
As Transport Month kicks off in October, the South African Insurance Association (SAIA) has called for road users to be more aware of the dangers of distracted driving.
Sep 28, 2016
Take precautions to protect your family and your property: A sustained increase of almost 15% in car hijackings over the last two years and an increase in both residential and business robberies reflected in the recently released national crime statistics are a cause for concern. To address this and help promote preventative safety action on the part of consumers, the South African Insurance Association (SAIA) has responded with safety tips.
Sep 02, 2016
The objective of the workshop was to identify projects that Business Associations (and their members) could assist the DoT in the implementation of road safety related projects.
Sep 02, 2016
As South Africa continues to grapple with economic growth challenges amid a tough economic environment, the discussion on economic transformation has once again been put under the spotlight. More than ever, there is a growing realisation by the government, business and labour that in order to achieve sustainable economic growth and improve the lives of all South Africans, all role players need to actively drive the economic transformation agenda.
Sep 02, 2016
The Financial Services Board (FSB) advised the SAIA recently that the current legal amendments being drafted by the FSB would give effect to some of the proposals in the RDR Phase 1 Update.
Sep 02, 2016
The SAIA Board has approved the Access Standards and submitted them to the Financial Sector Charter Council for approval.
Sep 02, 2016
Three new SAIA board members were appointed during the recent SAIA Annual General Meeting in July.
Sep 02, 2016
Sharing quality high density data and linking this with multiple related datasets is a critical part of identifying insurance fraud on a large scale in South Africa and is a prime example of how information can be used to benefit the industry.
Sep 02, 2016
The depreciation of the rand against major currencies has had a detrimental impact on the construction industry.
Jul 22, 2016
The South African Insurance Association (SAIA) yesterday announced the appointment of three new members to the SAIA board for the 2016 / 2017 year.
Jul 06, 2016
The SAIA Board has approved the Enterprise and Supplier Development Strategy. Enterprise and Supplier Development will focus on black broker development as well as the development of suppliers in the motor and construction space.
Jul 06, 2016
While there’s uncertainty over the impact of Brexit, what remains evident is the drastically changing economic, social and political environment across the globe, which South Africa is also a part of
Jul 06, 2016
Construction Projects invariably involve several parties, as well as considerable sums of money. In order to protect the parties to the project, a Contract will be drawn up.
Jul 06, 2016
Construction Projects invariably involve several parties, as well as considerable sums of money. In order to protect the parties to the project, a Contract will be drawn up.
Jul 06, 2016
With continued economic pressure and the extent and rate at which the macro and regulatory environment continues to change, doing business in the country is extremely challenging. The impact of these challenges is reducing consumers’ disposable income and consequently, they are cancelling their insurance policies during a time where it is most valuable.
Jul 06, 2016
The SAIA Forums have had their first meetings and elected their respective chairpersons to represent them as per the Terms of Reference.
Jul 06, 2016
The former Insurance Data System (IDS) Steering Committee has been revamped, including a name change and will now be known as the Strategic Insurance Data Committee (SIDC).
Jul 06, 2016
The SAIA continues to build and strengthen relationships with new and existing stakeholders as part of its stakeholder relations strategy. Since the beginning of the year, the association has engaged (and continues to) with various stakeholders in the financial sector and the government
Jul 06, 2016
The SAIA Annual General Meeting and Cocktail Function will be held on 20 July 2016 at the Johannesburg Country Club in Auckland Park. The keynote speaker at the cocktail function will be the Deputy Governor of the South African Reserve Bank, Mr Kuben Naidoo.
Jul 06, 2016
The initial research by PwC on a potential implementation model for Compulsory Third Party Motor Property Insurance (CTPMPI) in South Africa has been completed.
Jul 05, 2016
The value of short- term insurance during these volatile times cannot be emphasised enough as a means to protect consumers against risk but also as an important contributor to the economy.
May 06, 2016
The updated Comprehensive Parallel Run (CPR) exercise taking place in 2016 will allow a final opportunity for insurers and the FSB to establish and test resources, processes and systems ahead of full SAM implementation.
May 06, 2016
In implementing the SAIA’s participative model, the SAIA has established Forums to address various relevant and sub-sector specific challenges.
May 06, 2016
The SAIA is in the process of revising the Access Standards to allow members flexibility in designing products for the low-income market.
May 06, 2016
On 14 April 2016, The Registrar of the Financial Services Providers (“The Registrar”), published for public comment, the proposed amendments to the Notice on Qualifications, Experience and Criteria for approval as a Compliance Officer, 2010 as published by Board Notice 127 of 2010 in Government Gazette No 33537 of 9 September 2010.
May 06, 2016
In implementing the SAIA’s participative model, the SAIA has established Forums to address various relevant and sub-sector specific challenges.
May 06, 2016
The insurance industry benefits largely from having the ease of mind that when they include “VESA Approved Security Device” into their policy wording, that the vehicle security device fitted to the client’s vehicle, is approved and tested.
May 06, 2016
The Next of Next Week (NONW) Industrial theatre shows kick off on 8 May 2016.
Mar 07, 2016
Work on season three of the popular Next of Next Week (NONW) edutainment comedy series is currently underway. The new season will be a six part, 24 minute sitcom to be aired on national television.
Mar 07, 2016
It was agreed to form a Non-Motor Transformation and Sustainability Forum (NMTSF) that will be inclusive and should have a national footprint of all relevant stakeholders.
Mar 07, 2016
Members have agreed on the FSB’s proposed two-tier model for adviser categorisation but have proposed that the complexities of short-term insurance, such as distribution models, be taken into account......
Mar 07, 2016
The Short Term Reinsurance Information Data Exchange (STRIDE) successfully sold the short-term switch to the industry-owned financial services exchange company, ASTUTE.
Mar 07, 2016
As part of its value proposition, the SAIA seeks to become more involved in the broader discussion in the country to find sustainable solutions where we can contribute as an industry to grow South Africa’s economy.
Jan 11, 2016
IISA , FIA and SAIA present the the insurance conference 2016 - Business Unusual: at Sun City 24-27 July 2016. Delegates please register!
Dec 17, 2015
The Board of the South African Insurance Association (SAIA) is pleased to announce the appointment of Ms Viviene Pearson as the SAIA Chief Executive Officer, effective 1 January 2016. The decision was taken at the Board’s meeting on 4 December 2015.
Nov 24, 2015
The recent severe hailstorms in Gauteng, which have damaged both buildings and vehicles, highlights the importance of having the correct insurance cover in place to protect consumers and businesses against costly damages.
Nov 18, 2015
The South African Insurance Association (SAIA) recently announced the appointment of Ms Lizé Lambrechts as the new Chairperson of the SAIA Board.
Oct 02, 2015
In this issue: Motor Transformation and Sustainability Forum, SAIA Donation to BACSA, IUMI 2018 Conference, FAIS Circular 4 of 2015, Safety at Construction Sites
Sep 30, 2015
Crime statistics published yesterday reveal that carjacking has spiked over the 2014/15 year, increasing by 14.2% in comparison to the previous year.
Aug 19, 2015
The SAIA is pleased to announce the election of four new members to the SAIA Board following the Association’s Annual General Meeting (AGM) on 23 July 2015.
Aug 06, 2015
We are pleased to present the SAIA 2015 Annual Review. The Annual Review reflects on the work done in the last year, including our challenges and achievements.
Aug 05, 2015
Season two of the popular Next of Next Week edutainment comedy series, which is one of SAIA’s Consumer Education Initiative projects, is now airing on eTV.
Aug 05, 2015
SAIA Monthly industry bulletin. The Financial Services Board (“FSB”) has invited key stakeholders to participate in working groups to do further work on developing final legislative and regulatory changes following its consideration of the Retail Distribution Review (“RDR”) comments.
Jan 21, 2015
In the wake of the recent incidents of violence and intimidation in the tow truck environment in Cape Town, the South African Insurance Association (SAIA) has categorically distanced itself, as well as the short-term insurance industry, from any acts of violence and intimidation, as it believes that violence is not a solution to challenges.
Jan 07, 2015
The South African Insurance Association (SAIA) calls on road users to be careful during the festive season as the traffic volumes start to increase on national roads.
Dec 19, 2014
The South African Insurance Association (SAIA) has called on the public and especially holiday makers to exercise caution over the holiday season when criminals tend to follow opportunities in terms of people and places
Dec 10, 2014
The South African Insurance Association (SAIA) has called on consumers to take the necessary steps to protect themselves against the damage or loss of property caused by or related to load shedding, and to make sure that they have adequate insurance cover
Dec 08, 2014
The South African Insurance Association (SAIA) has announced the appointment of Ms Viviene Pearson, as Acting Chief Executive with immediate effect.
Nov 18, 2014
The SAIA Board and Mr Barry Scott have agreed that after 20 years as Chief Executive Officer of SAIA, Mr Scott will be leaving SAIA at the end of November 2014
Nov 14, 2014
The SAIA confirmed today that it welcomed the release of the Financial Services Board’s (FSB) Retail Distribution Review (RDR). The paper proposes 55 policy decisions that will be considered by a SAIA RDR Task Team. The SAIA’s Adv Suzette Olivier confirmed that this paper is in line with the new outcomes-based approach to regulation of the FSB created on an activity, risk-based and proportionate model of regulation. The deadline for comments on the document is 2 March 2015.
Oct 10, 2014
South Africa’s major insurance companies together with its industry body, the South African Insurance Association (SAIA) hosted a forum on Enterprise Development (ED) to highlight its importance as part of the country’s national agenda.
Aug 08, 2014
High Value Vehicles are currently being targeted by syndicates pretending to be employees of Vehicle Dealerships, specifically their Service Departments or Customer Service.
Aug 05, 2014
The SAIA advises all customers affected by the event to get in touch with their short term insurers to confirm cover and to have the damage assessed.
Jul 28, 2014
SAIA Chairman Themba Gamedze Address at the Insurance Conference 2014- SHORT TERM INSURANCE MARKET ISSUES IN SOUTH AFRICA
Jul 28, 2014
The South African Insurance Association (SAIA) has announced the promotion of Ms Lelo Ntshalintshali as the General Manager, responsible for the newly formed Stakeholder Relations and Communications portfolio.
Jun 29, 2014
With the school holidays approaching consumers are urged to be on high alert about the following types of crimes that occur and to which unsuspecting holiday makers may become victim:
Jun 26, 2014
The South African Insurance Association’s (SAIA) members held the 2014 Annual General Meeting of the association on 25 June. At this meeting members committed to a revised Code of Conduct.
Jun 25, 2014
In this spirit, the SAIA remains committed to strengthening a vibrant short term insurance industry, characterised by financial soundness, efficiency and a value proposition which is both sustainable and fair to our customers and our future customers.
May 30, 2014
South Africa’s major insurance companies together with their industry bodies, the South African Insurance Association (SAIA) and The Insurance Institute of South Africa (IISA), reinsurance experts, weather scientists and an international agricultural insurance specialist held an urgent forum to address insurance risk and exposure, due to recent extreme weather events that have caused massive damage and that had led to insurance claims of more than R1 billion in the past year.
May 09, 2014
THE STRATEGIC RISK FORUM AND IISA BREAKFAST SESSION ON ‘HAIL’ at the Wanderers Club Ball Room Johannesburg on 30 MAY 2014
Apr 17, 2014
The South African Short-Term Insurance Association (SAIA) has called on holiday makers to be on the look out over the Easter holidays when people tend to let their guard down. More and more holiday makers are becoming victims of crime at their holiday destinations due to the fact that criminals prey on more relaxed and often unaware tourists.
Apr 16, 2014
The South African Short-Term Insurance Association (SAIA) has yet again called on motorists to be careful when driving during the coming Easter Weekend. This warning follows a call for caution by the SAIA during February when heavy rains caused massive damage to roads and led to an increase in short-term insurance claims, mostly due to vehicle accidents and damage to vehicles.
Mar 07, 2014
The representative body of the short-term insurance industry, the South African Insurance Association (SAIA), has urged motorists to be cautious while travelling during the torrential rain which has affected the vast part of Gauteng and surrounding provinces. - SAIA urged motorists to take extra care on damaged roads, and in places where there is flooding and rain in order to avoid the increased risks of accidents.
Jan 12, 2014
Are you still covered if you ignore an insurer’s notification? You may have been receiving these types of SMSes of late, following severe hailstorms in Gauteng in the past, that damaged thousands of vehicles and caused claims running into millions of rands.
Dec 18, 2013
For detailed industry related news please read the SAIA December News bulletin.
Dec 06, 2013
“During my lifetime I have dedicated myself to this struggle of the African people. I have fought against white domination, and I have fought against black domination. I have cherished the ideal of a democratic and free society in which all persons live together in harmony and with equal opportunities. It is an ideal which I hope to live for and to achieve. But if needs be, it is an ideal for which I am prepared to die.” Nelson Mandela.
Nov 20, 2013
The South African Insurance Association (SAIA) recently announced that it has appointed Mr Themba Gamedze as the new Chairman of the SAIA. Mr Gamedze assumed this new role on 1 October 2013.
Nov 06, 2013
For detailed industry related news please read the SAIA October News bulletin.
Oct 21, 2013
NMAG introduces school and university students to the diversity of the insurance and finance industries in a way that speaks directly to their needs. It’s the perfect opportunity for stakeholders to reach the youth of today, expand product awareness and attract a creative, innovative and, above all, enthusiastic workforce.
Sep 03, 2013
For detailed industry related news please read the SAIA August News bulletin.
Aug 13, 2013
The South African Insurance Association (SAIA) recently confirmed that all its members will be required to automatically reassess the value of motor vehicles regularly in future, without any prompting from policyholders. The wording of this requirement has been included in the SAIA Code of Conduct after being approved by the SAIA Board in July 2013.
Jul 16, 2013
The South African Insurance Association (SAIA) today welcomed the release of the Financial Sector Code for Black Economic Empowerment, which was launched in Johannesburg this morning by the Minister of Trade and Industry, Dr Rob Davies, and Minister of Finance, Pravin Gordhan. The Department of Trade and Industry (DTI) gazetted the FSC in December last year under section 9(1) of the Broad-based Black Economic Empowerment Act.
Jun 30, 2013
For detailed industry related news please read the SAIA June News bulletin.
Jun 28, 2013
Media statement on proposed prohibition on using parts from vehicles that are declared unfit for use: Insurance Industry and its customers to be negatively affected by the proposed change regarding the use of second hand vehicle parts
Jun 11, 2013
Media statement on OSTI releasing of industry statistics. The South African Insurance Association (SAIA) fully supports the publication of statistical information relating to the adjudication of short-term insurance complaints by the Ombudsman for Short-term Insurance (OSTI). This enhanced transparency is a positive step in the fair treatment of customers, said the SAIA’s General Manager: Technical, Suzette Strydom, after the OSTI released statistics on the number of complaints to his office as a percentage of total claims and the overturn rates of rejected claims. It is the first time that such statistics have been released to the public and it is done with the full support of the short-term insurance industry.
May 31, 2013
For detailed industry related news please read the SAIA May News bulletin.
Apr 30, 2013
For detailed industry related news please read the SAIA April News bulletin.
Mar 31, 2013
For detailed industry related news please read the SAIA March News bulletin.
Mar 18, 2013
Johannesburg - An industry initiative to look into a possible Private Public Partnership (PPP) between the South African government and the insurance industry resulted in a workshop being held on the 22nd of February, 2013, at the Birchwood Hotel Conference Centre, that has widely been hailed as successful by the delegates and stakeholders who attended the informative and educative session.
Jan 31, 2013
The FPASA has, since its inception, conducted services of benefit to the short term insurance industry. These services have been revised and improved over the last few years to improve the value offered to the industry. All now form part of our InFIReS project.
Jan 29, 2013
Hot on the heels of its Consumer Financial Literacy initiative 2011/12, the South African Insurance Association (SAIA) is proud to announce that its 2012/13 programme has commenced. Acclaimed as a world first, the South African Insurance Association’s initiative run by service provider Bright Media on its behalf has been running since 2005 throughout all South African provinces.
Nov 30, 2012
For detailed industry related news please read the SAIA November News bulletin.
Nov 23, 2012
Hot on the heels of its Consumer Financial Literacy initiative 2011/12, the South African Insurance Association (SAIA) is proud to announce that its 2012/13 programme has commenced.
Nov 06, 2012
SAIA increases workforce in light of SA’s regulatory framework. As a result of a shake-up of the Financial Services Sector’s legal framework and a slew of regulatory reforms, the South African Insurance Association is glad to announce that it has made two appointments to bolster its technical team in order to effectively deal with compliance issues and demands paired with the reforms.
Oct 22, 2012
The financial service industry establishes a human capital development steering committee to boost professionalism. In order to oversee and drive the professional standards of the South African short-term insurance industry, a number of industry associations have joined forces to form the Short Term Insurance Human Capital Development Steering Committee.
Oct 11, 2012
The South African Insurance Association (SAIA) has announced that it is proud to be a member of the newly established Global Federation of Insurance Associations (GFIA). Thirty-one insurance associations representing 87 per cent of the worldwide insurance business formally established the Global Federation of Insurance Associations (GFIA) on the 9th of October, 2012.
Oct 02, 2012
The South African Insurance Association’s (SAIA) Board of Directors has announced that it has re-elected Ronnie Napier as its Chairman for the year 2012/2013 effective 01 October 2012.
Jul 24, 2012
The SAIA elects three new directors; Donates R2m to fight against crime. The South African Insurance Association (SAIA), a body representing 58 member companies within the short-term insurance industry on Tuesday, 24 July 2012 announced that it had successfully held its thirteenth Annual General Meeting (AGM) at its new offices in Roodepoort.
Jun 30, 2012
For detailed industry related news please read the SAIA June News bulletin.
Jun 25, 2012
In this Thought Leadership article, Ian Kirk, Chief Executive of Santam Group explores the implications of a key theme at the Rio+20 conference for the insurance sector. Ian demonstrates how the insurance sector is uniquely placed to act as global connector for shared values and what the value of ecosystem resilience plays in mitigating disaster risk, including climate change risk.
Jun 12, 2012
The Strategic Risk Forum Education Collaboration Response Business Presented by: John Melville Executive Head: Risk Services, Santam Chairman of the SAIA Strategic Risk Forum
May 02, 2012
The South African Insurance Association (SAIA) has announced that it has completed the exercise of its member comments collation and has made its submissions to the National Treasury with regards the Proposed Demarcation Regulations between Health Insurance Policies and Medical Schemes.
Mar 16, 2012
The South African Insurance Association (SAIA) says reviewing business processes is an important practice to insurers to institutionalise best practice across all client touch points. Debbie Donaldson, SAIA General Manager: Strategy and Planning says with increased access to technology and information the claims and underwriting processes have become more convenient and client friendly, however, the cost of insurance remains affected by organised crime activities.
Feb 20, 2011
In support of the drive towards the consumers in South Africa, the Credit Ombud, the Ombudsman for Banking Services, the Long term Insurance Ombud, the Short term Insurance Ombud, the Financial Services Board (FSB), the FAIS Ombud and the National Credit Regulator (NCR) collaborated to develop a share call number for consumers, which went live on 1st January 2011. Consumers can call 0860 OMBUDS (0860 662 837) and they will be connected directly to any of the offices listed above or guided to whom they should contact if they are not sure which Ombud or regulatory office handles the relevant complaint in the financial industry.
Feb 03, 2011
“The South African Insurance Association is concerned that the amendment concerning the driving licence legislation which was supposed to become effective on 1 February 2011, which would make it illegal to drive a light motor vehicle with a licence of a heavy vehicle, was delayed, according to an announcement of the Department of Transport, issued on 1 February 2011, “says Dawie Buys, SAIA Motor Manager.
Dec 31, 2010
The 2009/2010 year under review has come to an end with signs of the global credit crunch easing and the South African economy appearing to be lifting slowly out of the recession that we have experienced ever since the collapse of Lehman Brothers in September 2008. It would be reassuring to think that the global crisis is over. However, the worries about sovereign debt in mainly Euro-zone countries remain a black cloud on the global economic horizon.
Jul 29, 2010
Foundations in place to ensure a sustainable future for short-term insurers A new board of directors for short-term insurers was elected at the Annual General Meeting (AGM) of the South African Insurance Association (SAIA) that was held at the Johannesburg Country Club in Auckland Park last night. The evening ended with the SAIA Annual Cocktail Function, themed, “Foundations for the future”. This networking event is seen by many as the highlight of the short-term insurance calendar.
Jun 01, 2010
SAIA appoints new Manager: Image and Reputation Yvette Francis was appointed as the new South African Insurance Association (SAIA) Manager: Image and Reputation on 1 June 2010.
Apr 07, 2010
SAIA supports the directive and information letter paraphrased below that was distributed on 31 March 2010 by the Financial Services Board (FSB) to enhance the reporting requirements for all short-term insurers and collate information from them in the event that they terminate binder agreements. This includes those cases where the binder termination results in a unilateral cancellation of a book of policies in terms of Rule 7.3 of the Short-term Insurance Policyholder Protection Rules (PPR) made under section 55 of the Short-term Insurance Act, 1998 (Act No. 53 of 1998) (STI Act).
Apr 07, 2010
SAIA appoints new manager to address the sustainability of motor insurance Viviene Pearson was appointed as the new South African Insurance Association (SAIA) Manager: Motor, from 1 April 2010. This position was created as a result of a SAIA Board decision to address the sustainability of motor insurance through an approved SAIA strategy.
Apr 07, 2010
The South African Insurance Association (SAIA) supports the information published in recent Financial Services Board (FSB) circulars regarding the Financial Advisory and Intermediary Services Act (FAIS) Fit and Proper competency requirements and the debarment when sole proprietors (FSPs), key individuals and representatives fail to comply. SAIA urges all financial services providers to comply with the necessary requirements and expectations as paraphrased below to protect policy holders.
Mar 09, 2010
At time of writing this report, we have just less than 60 days to go to the kick-off of the 2010 FIFA Soccer World Cup, being held for the first time on the African continent. While, hopefully, there will be no major insurance issues arising from the event, all business will be affected in one way or another. It will be difficult to move around the cities, and keeping staff focused on the job at hand will be challenging. Nevertheless, we at the SAIA will be joining in the excitement of the event, which in all likelihood will happen in our country only once in our lifetime. It is likely that Government will virtually down during this period, so there won’t be much new emanating from that source for us to consider. However, given our workload and the number of new tasks we have assumed, there will be no time to slack off, so SAIA will remain hard at work.
Feb 08, 2010
The South African Insurance Association (SAIA) has noted comments by Magistrate Daniel Thulare that were published in the Sowetan on Monday, 8 February 2010 which included that “any conviction for a citizen driving without a licence will be unlawful if the state has failed to test that person”.
Nov 25, 2009
Millions spent on financial literacy and generic insurance education The South African Insurance Association (SAIA) has spent over R40 million on consumer education to date, and today, reported back on the short-term insurance industry’s recently concluded 2008/9 consumer education initiative. The initiative was aimed at Living Standard Measure (LSM) 1 – 5, black people as per the requirements of the Financial Sector Charter.
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Oct 12, 2009
The South African Insurance Crime Bureau (SAICB) was launched in Johannesburg on 30 October 2008. This was the culmination of a long process whereby the industry sought a way to address insurance fraud formally, collaboratively and comprehensively.
Oct 12, 2009
SAIA and its members have been very active in the crime-combating arena. Not only does crime affect all individuals and businesses in South Africa, it also directly impacts on our industry. Although the need for a holistic, targeted and collaborative approach with regards to insurance fraud and crime led to the establishment of the South African Insurance Crime Bureau (SAICB), SAIA still needs to represent the industry in general crime combating areas.
Oct 12, 2009
Road safety initiatives are being implemented by the South African Insurance Association (SAIA) in an attempt to curb the high accident rate in South Africa and to thereby ensure that motor insurance remains affordable. “Motor insurance, our largest class of business is under considerable pressure with around 70% of insurance claims being road accident related and alcohol consumption is a factor in many of these instances,” says SAIA spokesperson.
Oct 12, 2009
Most people would be very concerned about the fact that around 50 people are murdered in South Africa daily, however, not as many seem to be as worried about the fact that around 36 people lose their lives in road accidents daily. In fact, an important link between crime and road safety exists in more ways than one.
Oct 12, 2009
This could happen to you… The procedures followed when you are stopped for an alcohol breathalyzer test while driving. The recently opened Alcohol Testing blood alcohol testing centre in Johannesburg, created by the South African Insurance Association (SAIA), in partnership with Business Against Crime South Africa and the Johannesburg Metro Police Department is certainly not the place where anybody would like to find themselves on a Saturday evening, or any other day or night.
Oct 12, 2009
When one has the unfortunate experience to land up in a motor vehicle accident, many bad consequences could be suffered. The least of all may be the worry about who is going to pay for the damage to the vehicles involved. That is what insurance is for though, isn’t it?
Oct 09, 2009
The SAIA and its member companies, in partnership with TransUnion, have successfully established an information-sharing platform for the benefit of the short-term insurance industry at large, in its fight against fraud and to manage risk. With increasing economic pressures on the South African consumer, it becomes more and more important for insurers and brokers to accurately identify the risks associated with policyholders and the assets they insure, making information-sharing platforms such as IDS invaluable in the claims and underwriting process.
Oct 09, 2009
Since SAIA’s involvement with Business Against Crime South Africa began, motor theft has reduced by around 50% (measured per thousand vehicles) and, although still important is no longer the primary cause of concern for motor insurers. Instead, road safety has become an area of great concern as the motor account is under considerable pressure with around 70% of motor insurance claims being road accident related (and alcohol consumption is a factor in many of these instances) while still supporting crime initiatives to make sure that the successes that have been achieved are sustained.
Oct 09, 2009
SAIA cannot have any success if we do not have a strong relationship with our stakeholders. A SAIA stakeholder relationship strategy is therefore always in place and is largely successful.
Sep 27, 2009
Joint media release: The South African Insurance Association (SAIA) and Business Against Crime South Africa (BACSA)
Sep 09, 2009
SAIA and its members have been very active in the crime-combating arena. Not only does crime affect all individuals and businesses in South Africa, it also directly impacts on our industry. Although the need for a holistic, targeted and collaborative approach with regards to insurance fraud and crime led to the establishment of the South African Insurance Crime Bureau (SAICB), SAIA still needs to represent the industry in general crime combating areas.
May 31, 2009
The effective management of vehicle salvage has been an area of great concern for the SAIA, Business Against Crime South Africa and South African Police Services.
May 14, 2009
Joint media release: The South African Insurance Association (SAIA) and Business Against Crime South Africa (BACSA). SAIA donates over R1.5 million to improve road safety and combat crime. “Motor vehicle crashes have replaced theft as the primary point of concern for insurers. In addition, the unacceptable levels of crime in South Africa remain of great concern to the South African Insurance Association (SAIA), its members and the country at large. This is why the SAIA Board approved an 8th annual contribution towards Business Against Crime South Africa (BACSA),” said Ronnie Napier, Chairman of the SAIA Board, at a cheque handover media event in Illovo on 14 May 2009.
Mar 16, 2009
Consumer Protection Act 2008 - Opinion provided by Jackie Hurter on the application of the CPA within the short-term insurance industry. (Please note that this opinion does not necessarily express the views of SAIA, however, it is provided to stimulate debate and should be applied to member company’s practices as deemed appropriate).
Feb 26, 2009
Joint media release: The South African Insurance Association (SAIA), Business Against Crime South Africa (BACSA) and the Gauteng SAPS. Today, the members of the South African Insurance Association (SAIA), Business Against Crime South Africa (BACSA) and the Gauteng SAPS celebrated the successful completion of the SAIA funded training of 500 detectives from the Gauteng SAPS.
Dec 09, 2008
SAIA members will be invited to participate in this project by providing information on their own relevant products for this market before and after the broadcasts, putting up call centre facilities to accept enquiries about their products, and reporting on such calls to the SAIA in order to draw the link between the education project and the potential uptake of products. Please look out for the communication in this regard that will be coming your way shortly.
Oct 07, 2008
The South African Insurance Association (SAIA) today reported back on the short-term insurance industry’s consumer education initiative implemented in 2007/8 with 2007 financial year end funds. A total of R8 552 111.23 was pooled voluntarily by SAIA members in terms of their 0.2% commitment to consumer education in the financial services arena in terms of the Financial Sector Charter. This consumer education initiative was aimed at the lower income group or LSMs 1 – 5 and Black people as per the requirements of the Charter.
Sep 17, 2008
The South African Insurance Association (SAIA) confirmed that Ronnie Napier has today accepted his appointment as the new Chairman of the SAIA Board after a special general meeting held at the SAIA offices in Milpark on Monday, 15 September 2008.
Jun 13, 2008
The short-term insurers selected a new board of directors at the Annual General Meeting of its representative body, the South African Insurance Association (SAIA), yesterday on 12 June 2008 in Johannesburg.
Apr 22, 2008
The Life Offices’ Association (LOA) and the South African Insurance Association (SAIA) welcome the release of the Consumer Credit Insurance Enquiry Report by the independent panel of enquiry jointly appointed by the LOA and the SAIA in July last year to identify problem areas in the consumer credit insurance market.
Feb 26, 2008
Joint media release: The South African Insurance Association (SAIA) and Business Against Crime South Africa (BACSA)
Dec 05, 2007
Joint media release: The South African Insurance Association (SAIA), Business Against Crime South Africa (BACSA) and the Gauteng Provincial Police Service
