Tag: Association for Savings and Investment South Africa (ASISA)

During tough economic times, consumers are quick to cut insurance. What can insurers do to prevent this? When one looks back at how the insurance industry fared in 2022, it’s fair to say that things are slowly starting to return to ‘normal’.

The new two-pot system will provide short relief for SA retirement fund members, but the trade-off will include  increased complexity and possibly increased administrative costs, notes Blessing Utete, Managing Executive: Old Mutual Corporate Consultants.

Following our recent announcement that we have joined the Net Zero Asset Managers Initiative, we have highlighted the urgent need for a tangible commitment by the local asset management industry through the establishment of a South Africa-centric low carbon and socially inclusive listed equity investment benchmark.

The impact of COVID-19 on the life insurance industry was recently highlighted when the Association for Savings and Investment South Africa (ASISA) released their 2020 statistics for the sector. ASISA reported that South African life insurers paid out claims and benefit payments worth R522.7 billion last year, representing a significant increase of R31.7 billion when compared to 2019.

2020 looks set to be an epic fight for survival as numerous socio-economic factors come into play that will further challenge businesses and their ability to achieve greater levels of customer satisfaction in a bid to retain and grow their customer base – from a looming recession, abysmal economic growth figures, political uncertainty and a disastrous return of load shedding.

It’s these experiences that feed into the latest SA-csi for Life Insurance (2018) we conducted. The index provides highly scientific insights into the overall level of satisfaction of customers of South Africa’s major life insurers – 1Life Insurance, Absa Life, Discovery Life, FNB Life, Liberty, Metropolitan, Momentum, Old Mutual and Sanlam.

A new industry standard will drive transparency around hidden fees in the financial services sector, and there is optimism that consumers will benefit in the long run. Big financial services companies may soon need to find new ways to pad their earnings, as a new industry standard is threatening to expose the financial service sector’s worst kept secret – hidden fees.