South African life insurers navigated volatile investment markets and a tough operating environment in 2022, emerging well-capitalised and in a strong position to continue honouring contractual promises made to policyholders and their beneficiaries, says the Association for Savings and Investment South Africa (ASISA).
S&P Global Ratings says it has revised the outlook to 'Stable' from 'Positive', and affirmed its global scale ratings on various South African insurers.
The Financial Action Task Force (FATF) has placed South Africa on a list of countries under increased monitoring, externally known as the grey list, following a review.
South African AI-driven InsurTech company Naked, which offers a fully digital way for consumers to insure their cars, homes, and valuables, has raised S$17m in Series B funding to drive its growth.
The sharp increase in rolling power outages in South Africa has led to soaring claims for power-related damage, with several insurers announcing that they are withdrawing coverage for electricity grid failures.
South African financial services group Sanlam. which owns the biggest insurance group in Africa, has announced two separate transactions that will significantly strengthen its life insurance operations in South Africa.
Old Mutual, one of the largest pan-African financial services groups, and CoverGo, the global no-code insurance SaaS platform for P&C, health, and life, have formed a strategic partnership through Old Mutual's investment in CoverGo's $15m Series A in 2022.
South Africa's five largest life insurers have seen recent death claims against fully underwritten life policies starting to return to pre-pandemic levels, according to the Actuarial Society of South Africa (ASSA).
Income earners under the age of 30 are most likely to face the widest life and disability insurance gap than those in older age brackets, followed by earners between the ages of 30 to 39, according to the findings of the "2022 ASISA Life and Disability Insurance Gap Study".
More than four in 10 (42%) of South Africans think it's acceptable or normal behaviour to commit first-party fraud, such as inflating insurance claims, according to the findings of a survey by global data analytics company Fair Isaac Corporation (FICO).