Tag: insurance claim

Mitigating the increasing effects of climate change has become a top priority for South African insurers who have collectively paid billions of Rands in related damages over the past five to 10 years. The increasing frequency and severity of severe weather events – such as heavy rainfall and resultant flooding – threatens the sustainability of insurers who must protect the integrity of their balance sheets to continue paying claims for years to come.

As the world begins to put COVID-19’s high mortality claims behind it, the insurance industry is battling a wave of uncertainty. While we paid a...

Insurance claims can be repudiated for many varying reasons – from the most obvious to the least expected reasons. One of the best ways of trying to avoid an insurance repudiation is to understand your contractual duties stemming from your policy.

Are you thinking of buying property? It is a big investment and needs careful consideration. Once the finance is approved on your dream home, you need to be able to keep it safe along with the belongings housed within it as well.

The evolution of consumer expectations in the insurance industry is reshaping the traditional insurer-customer dynamic. Customers are no longer satisfied with a one-size-fits-all approach; they are looking for a more personalised, meaningful, and continuous engagement with their insurance providers.

Auto insurance is leading the charge with the adoption of dynamic pricing, which entails developing policies that are more cost-effective for low-risk customers and using a different premium model for high-risk policyholders. There is significant potential for life and health insurers to capitalise on this momentum and embrace this model within subsets of their product offerings.

In the past three years, we’ve seen consumers demanding unprecedented levels of online experiences across most industries. Unfortunately, the bad guys go where the money is. As online activity booms, we’ve seen the number of suspected digital fraud attempts in the financial services sector increase by 30% between 2019 and 2022.

The news that dominated the headlines during the weekend of 15 – 17 September 2023, was the storm surge incidents that swept across three coastal provinces – the Western Cape, Eastern Cape, and KwaZulu-Natal. Mainstream media and social media alike were abuzz with the news. Since then, videos depicting the storm surges have been circulating across various media platforms.

As policyholders are aware, insurance premiums increase from time to time. This may occur on an annual basis or at specific intervals as economic, market and risk factors change. Understanding why your insurance premium has gone up and possibly when to anticipate an increase can be helpful in planning ahead for the financial implications.

Statistics South Africa (StatsSA) confirm that women live considerably longer than men, on average. The general consensus is that the combination of men’s lifestyle choices and their reluctance to seek medical advice is a major contribution to their relatively high incidence of serious health issues at a young age.