Hijackers are re-surfacing as COVID-19 lockdown restrictions are eased, reported BusinessTech.co.za quoting Security services company, Vision Tactical.
Sanlam, which has the widest reach across Africa of any insurer, is preparing for a doubling in excess claims from surges in COVID-19 infections and the longer-term health effects of the pandemic in coming months, reported Bloomberg.
The implementation of the Administrative Adjudication of Road Traffic Offences (AARTO) Amendment Act is expected to reduce the number of fatalities on South Africa's roads as well as the cost of insurance.
InsurTech company Naked Insurance has said that new guidelines from the Competition Commission that aim to promote more competition in South Africa's automotive aftermarket, including insurance, repairs, and financing, will make pricing practices more transparency and give consumers more choice if they are widely supported by the automotive industry.
Insurance claims for fatalities caused by COVID-19, which were initially relatively low, have been increasing.
South Africa's largest general insurer Santam says that it appeal the COVID-19 insurance indemnity period to the Supreme Court of Appeal (SCA).
South African medical insurance companies, business organisations and the government are developing a programme in which the private sector will help fund COVID-19 vaccines for people not covered by insurance, according to a Bloomberg report.
Swiss Re Corporate Solutions announced last month that it has received a direct insurance authorisation from the South African joint regulators, the Prudential Authority and Financial Sector Conduct Authority, fo Swiss Re Corporate Solutions Africa.
The Financial Sector Conduct Authority (FSCA) has published its research report and consultation paper on Open Finance, a framework to allow consumers and companies to access their financial data created on financial service providers' (FSPs) platforms and have the right to share that data with other FSPs, provided there is explicit and informed customer consent.
There are good reasons to have some prudential restrictions on capital leaving the country, especially savings in retirement funds and the reserves of insurance companies, Mr Kuben Naidoo, South African Reserve Bank (SARB) deputy governor and chief executive of the Prudential Authority, has said.