After much legal wrangling, the minister, the South African Social Security Agency (Sassa) and Lion of Africa insurance company reached a settlement regarding funeral policy premiums being deducted from children's grants.
11 hours ago
The South African life insurance industry covers nearly 3.5 million people in South Africa (2014) with an annual premium turnover of well over R100 billion per annum. The majority of end-users are LSM 9 and 10, which explains the high revenue per head for this industry. As a result of the sheer size of the market the sector is highly competitive with 82 registered service providers. However, there is a clear trend that life insurance products are increasingly being bought by lower LSM customers and as a result there are a large number of products and services available in this industry. Also interesting is that a number of non-traditional financial services companies have made some very impressive inroads into the market in recent years.
Analytix BI 3 days ago
The Ombudsman for Short-Term Insurance (OSTI) has released her report for the 2015 calendar year. The OSTI is an independent body to whom clients may complain if they feel they have been unduly treated by their insurer regarding a claim.
OUTsurance 23 May 2016