South Africa has significantly more financial crime than most other countries. With a rate of 77% compared to a global average of 49%, SA is something of a hotbed for fraud and scams. As consumers and insurance-seekers we need to understand the risks of economic crime and how to avoid becoming a victim, the risks of committing insurance fraud and how to avoid being inadvertent perpetrators of fraud ourselves, by for example, omitting information in an insurance application
The severity of risks in the liability space have increased two-fold – not only is the frequency of litigation on the rise, but exposures related to professional error have also increased. This is mainly due to factors relating to the poor economy and a skills deficit.
Recently released statistics has revealed a sharp upsurge in kidnappings in South Africa. This comes while news of the rescue of high-profile kidnapping victim, Sandra Moonsamy, is still fresh in South Africa’s collective memory. Official police statistics show that kidnapping cases have increased by 139 percent over the past decade, with opportunistic abductions accounting for the greatest number of incidents.
John Bercow, the speaker of the United Kingdom parliament, was recently referred to by a reporter as “the marmite speaker”. The expression was developed, originating in the UK, using marmite as an adjective to mean you either love it or hate it (or them) – but cannot be indifferent to it.
Debt relief for the most vulnerable in society is crucial, but the National Credit Amendment (NCA) Act will not achieve this. The extremely high rate of over-indebtedness among South Africans is well documented. The seriousness of the situation is well reflected in the headline to an article last year in the Economist: “In South Africa, more people have loans than jobs”.
Airbnb launched in South Africa in 2015. Since then, the number of home hosts has grown to more than 35,000 with South Africans pocketing more than R3.8 billion over this time. The ripple effect of this booming Airbnb community has also proved significant, resulting in an economic impact of approximately R10 billion and supporting upwards of 22,000 jobs. So what’s the catch?
Comprehensive motor vehicle cover refers to the comprehensive list of cover for which the vehicle is insured in the event of loss or damage – i.e. theft, fire, third party liability and the like. It does not refer to the extent or amount of that cover.
Being involved in a car accident is a traumatic event in itself, so the news that your vehicle is damaged beyond repair is never going to be an easy pill to swallow. While insurance will undeniably soften this blow, the reality is that there are so many variables at play when dealing with a write off and many people – even those with the most seemingly comprehensive insurance policies – come out feeling hard done by.
Changes to the International Financial Reporting Standards (IFRS) are aimed at avoiding another global financial crisis. This is in response to the backlash against IFRS 17 Insurance Contracts from critics in the insurance industry.