Sanlam-already the largest non-banking financial services company in Africa-and Allianz, one of the world's leading insurers, have agreed to combine their operations across Africa to create the largest pan-African non-banking financial services entity on the continent.
The South African Special Risk Insurance Association (SASRIA) says it cannot afford to cover the country's businesses should the July 2021 riots happen again.
Floods have killed more than 400 in the economic hub of KwaZulu-Natal (KZN), and adds to the billions in losses faced by insurers already reeling from claims related to COVID-19 and the July 2021 riots.
The Durban Chamber of Commerce and Industry has called on local and provincial governments to share their disaster management plan with stakeholders in the wake of massive floods which inundated KwaZulu-Natal Province in eastern South Africa last week.
The board of the South African Insurance Association (SAIA) has agreed in principle to publish a version of the Vehicle Salvage Data (VSD) related to the status of previously insured motor vehicles involved in serious accidents.
South Africa's Fuel Retailers Association has proposed scrapping the country's Road Accident Fund (RAF) in favour of a mandatory insurance scheme.
Sanlam, Africa's biggest insurance group, has reported a solid financial performance for the year ended 31 December 2021, with operating profits recovering to pre-COVID levels.
Policyholders and beneficiaries received claims and benefit payments worth ZAR608bn ($40.9bn) from South African life insurers in 2021, the highest ever paid in a single year.
Old Mutual Insure (OMI), a wholly-owned subsidiary of South Africa's first mutual life insurance company, Old Mutual Limited, has concluded the acquisition of a 51% stake in ONE Financial Services Holdings Proprietary Limited.
The South African marketplace for D&O insurance continues to be fragmented, says Gallagher, a leading global insurance brokerage, risk management, and human capital consulting company.