The Council for Medical Schemes has recommended that Medical Aid schemes in the country limit their price increases in 2025 to 4.4% plus reasonable utilisation estimates, notes WTW, a leading global advisory, broking and solutions company.
Sanlam Life Insurance (Sanlam Life), a wholly owned subsidiary of Sanlam Limited (Sanlam), the non-operating holding company of the Sanlam group, has been assigned a Financial Strength Rating (FSR) of 'A-' (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of 'a-' (Excellent) by AM Best. The outlook assigned to these credit ratings is 'Stable'.
Insurers are aware that their legacy products are becoming an increasing cost burden relative to the value they provide to the insurance company and the customer as the book shrinks, according to a report released by global professional services firm Deloitte.
Living annuity policyholders withdrew, on average, 6.6% of their invested capital as income in 2023, the lowest average living annuity drawdown rate recorded in the past five years.
The number of insurance fraud incidents in South Africa has increased, with two concerning trends emerging in recent years that are murder for insurance payouts and deceased estate fraud, according to Mr Jean van Niekerk, convenor of the Forensic Standing Committee of the Association for Savings and Investment South Africa (ASISA).
The South African government is exploring options for purchasing insurance for certain climate-related disaster events, where such a practice would not undermine Budget sustainability.
South African pharmacy group Dis-Chem Pharmacies has said that it will launch its insurance business, Dis-Chem Life, in the first quarter of 2025, reported Reuters.
South Africa's National Treasury is exploring regulations to encourage the use of financial instruments to tackle climate change, including catastrophe bonds and parametric insurance, according to a report by Bloomberg.
Sasria SOC, a state-owned non-life insurance company, is currently participating in engagements with government, regulators and other stakeholders on potential ways to expand its coverage, according to South Africa's Finance Minister Mr Enoch Godongwana.
The insurance industry stabilised in 2023 following muted natural catastrophe events and the positive effects of strategic initiatives implemented by insurers over the last few years to moderate risk exposures, such as premium rate increases and underwriting limitations, according to KPMG South Africa.