Tag: insurance claim

Insurance policies shouldn’t be seen as static agreements that are concluded as once-off arrangements. Instead, short-term insurance products are designed to evolve along with you and your family as your life takes shape, adapting to your changing needs.

Brokers are a feature of the medical schemes market and subject to extensive regulation in terms of the Medical Schemes Act, its regulations, and circulars issued by the Council for Medical Schemes (CMS). The CMS has announced it intends to revise Circular 20 of 2010, the prevailing circular dealing with brokers and has called for public comment.

In our 2022 Insurance State of the Market report, we have unpacked key global insurance market trends as well as local trends that are affecting the insurance market in a volatile and unpredictable world.

The office of the Ombudsman for Short Term Insurance (OSTI) released its annual report on 17 May, and what exceptionally fine news it contained.

You’ve most likely heard the term ‘underwriting’ mentioned in insurance ads and weren’t sure what it meant and why it’s important. Underwriting is a key element of life, critical illness, and disability insurance. It forms the basis of what premiums you pay and what you are covered for.

It is becoming normal to wake up to reports of fires - since the July 2021 civil unrest there have been at least a further four major fire outbreaks reported.

People sometimes have the perception that insurance quotes are declined for ‘no reason’. However, an insurance policy is a contract. The insurer agrees to cover you according to how much risk they think they take on in doing so and set your premium accordingly.

The implementation of digital technologies is driving massive positive changes for customers and providers in both the short- and long-term insurance industries. The recently released South African Insurance Industry Survey for 2021 has highlighted the role of disruption and innovation, with the majority of CEOs surveyed stating that they are looking to get on the front foot with regard to these twin challenges.

It is rare, but not uncommon, for the relationship between the customer and his or her insurer to sour. This may result in the insurer having to take what seems like drastic action by cancelling the policy of the customer. The problem is that once you are fired from one insurer, it is very difficult to get a decent insurance policy elsewhere at the same premium rate, given that you will have a record.

As the new normal requires for people to continue working from home, one needs to take the time to review their portable work devices and ensure that they are adequately insured from theft or unforeseen damage. The awareness around the need for insurance, both in one’s professional and personal capacity has increased tenfold since the onset of the pandemic.