IG eZine January 2010
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2010
Wed
27
Jan
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Especially distilled for Business Insurance Consumers and Insurance Professionals
I hope that everyone who had an opportunity to take some leave over the holiday season had a good break and wish all of our readers a happy and prosperous New Year.
This is a bit of a bumper edition this month given that the last eZine was sent out in early December last, so happy reading and just skip over the articles that are not of specific interest to you.
GENERAL
1. 2009 in perspective...from our side
As the world absorbs the impact of the global economic crisis, it makes the headline of our year end article in December 2008 titled “Business Unusual” seem trite. Little did we know then just how unusual business was to become. More
2. Vote now! Have you been made aware of the implications of the impending Consumer Protection Act?
Much has already been written about the introduction of the Consumer Protection Act in South Africa during 2010, but do consumers understand the dawning of this new judicial era? Does business understand we sit on the threshold of a new era in terms of the basics tenants of the common law as previously understood? Will there be any impact on the insurance industry and other purveyors of financial services? More
3. Sustainability as a driver of Business Ethics
“Dr. Painter-Morland explains the business case for the sustainability approach to business ethics is strengthened when considering it is not only just good long term strategy, it can also provide access to new markets, costs can be minimised, competitive advantages can be gained and it is also good risk management strategy”. More
4. FSB quarterly reports on the Short-term and Long Term Insurance Industry Results
The FSB quarterly reports for the period ending 30 September 2009 have been posted in the IG Short-term and Life Gateways, Resources Sections, respectively.
Please click here for a link from where the Short-term report can be downloaded and here for the Long Term report.
5. Key Officials to address the 2nd All Africa Insurance and Financial Services Summit in Kigali, Rwanda
Hon. James Musoni, Minister of Finance and Economic Planning of Rwanda, and other key officials and senior industry executives will gather at the 2nd All Africa Insurance and Financial Services Summit, to be held at the Kigali Serena Hotel in Rwanda from 1 – 2 March 2010.
Supported by the Rwanda Development Board, the Summit will be a unique gathering of international insurance, reinsurance and risk management practitioners with a common aim of developing African Insurance & Financial Services markets. More
6. Q&A with Arnold van der Linde the Past President of the Financial Intermediaries Association of Southern Africa (FIA)
Interview by Jacqui Pile, previously senior editor at Financial Mail. More
7. 2010 FIA Industry Recognition Awards Ceremony
The country’s top-performing insurance product providers will once again be recognised at the 2010 Financial Intermediaries Association of Southern Africa’s (FIA) Industry Recognition Awards and this year the function will be held on Thursday evening, 3 June 2010, at Emperors Palace in Kempton Park. More
8. FIA/IISA/SAIA Super Conference
This year, FIA, IISA and SAIA are joining forces to host what is being dubbed the “Super Conference” of the year.
Covering general topics and break-away sessions specific to members’ needs, this promises to be a high impact event.
Further information about the programme will be released in due course, however in the interim, please note these important dates in your diary…23 May 2010 to 26 May 2010.
9. On the job training provides skills, networks and experience
With all the hype, disappointment and anger greeting recent matric results focus has fallen on our failed schools system. Central to the discussion is the quality of classroom teaching. A discussion with Simangele Tshabalala, HR Head at Alexander Forbes Risk and Insurance Services provides a refreshing alternative to formal, classroom-based, instruction. More
10. Preserving Industry Skills
There is a large amount of skill and expertise available in the market today in the form of semi-retired and recently retired industry professionals. These folks usually have extensive experience and the flexibility to fill in at short notice during someone’s illness or maternity leave, or to take on special projects which have been on the side burner for so long, because there hasn’t been the time to get around to them. More
11. IG Careers Update
Lots of new vacancies posted. Click here for the latest IG Careers Update.
12. Some interesting new listings on Insurance Gateway®
CIB Insurance (UMA - Personal Lines, Commercial, Agricultural, Engineering, Building and Hospitality)
Do Life Yourself (Direct life cover – risk cover only)
TristarInsurance (Multi-line short-term insurer in Zimbabwe)
InterGlobal (expat medical solutions)
SHORT-TERM
1. FAIS Ombud takes on mantle of Statutory Ombud
In an important determination that is bound to shake insurers out of their comfort zone, believing that they are out of reach of the FAIS Ombud, he has invoked his mandate in terms of the FSOS Act in assuming jurisdiction over an insurer who did not belong to any recognised Ombud scheme. More
2. Santam acquires 100% shareholding in Centriq
Santam and Centriq Insurance (“Centriq”) have announced that Santam has reached agreement with Kagiso Risk Solutions (“Kagiso”) to acquire Kagiso’s 33.3% effective interest in Centriq. Centriq will thereafter be wholly owned by Santam. The transaction is subject to inter alia the approval of the Financial Services Board. Santam currently holds a 66.7% interest in Centriq. More
3. New content added to the Consumer Protection Act resource on Insurance Gateway®
Two new items have been added to the Insurance Gateway® Consumer Protection Act resource, namely a presentation by the Department of Trade and Industry and an introduction to the Act from Deneys Reitz. Click here for the download links.
4. New watercraft and ski boat insurance facility launched
Newly launched Vanguard Marine & Leisure are underwriting managers specialising in providing insurance solutions to the boating fraternity via the insurance broker market. More
5. Standard & Poor’s confirms Hannover Re Africa’s “A” Rating
Standard & Poor’s has confirmed the “A” (Stable) rating for Hannover Re Africa, noting the company’s strategic importance to the Hannover Re Group, strong capitalization and good operating performance. This follows the “A” (Stable) rating awarded to Hannover Life Re Africa earlier in the year. More
6. The impact of the new Companies Act in the context of Directors and Officers liability
“The new Companies Act will give shareholders and stakeholders more rights than they had previously and this will in turn increase the directors and officers personal liability”. More
7. The implications of the Consumer Protection Act for intermediaries and insurers
The next Insurance Institute of South Africa (IISA) Promote Insurance Professionally (PIP) seminar will be held on 19 February 2010 and will address the implications of the new Consumer Protection Act, from the perspectives of brokers, insurers and underwriters. More
8. Hail damage – How to make sure you’re covered
South African’s have sustained significant financial losses due to heavy hailstorms which have been experienced in various parts of the country this year. Mutual & Federal, warns about the dangers of not having adequate insurance cover for this force of nature. More
9. A new product offering in the Cross Country stable
Cross Country Insurance Consultants recently launched the addition of the DirtSure product to their stables at a series of presentations to brokers around South Africa.
DirtSure is a unique comprehensive off road insurance product designed specifically for off road, dual sport and quad bikes. More
10. Leppard Underwriting: Providing significant market capacity for professional indemnity and specialised liability risks
Leppard Underwriting has been quietly asserting their influence in the market, in the professional indemnity and specialised liability fields and today, they offer a broad range of PI and specialised liability coverages and bring significant capacity to the market. More
11. Large losses require multi-disciplinary expertise
When a factory burns down with all its equipment, stock and produce, or an explosion destroys a mine killing workers and halting production the opportunity for loss is almost limitless. These events, known as large losses, are typically valued at R20 million and above. More
12. Why do vehicles of same value or model attract different insurance rates?
A question that puzzles many users of insurance is the degree to which insurance rates differ, especially when the things being insured are very similar, for example, vehicles of the same value. More
13. Ascent Underwriting Managers makes their mark in the Hospitality, Tourism and Entertainment Sectors
Ascent Underwriting Managers combines the dynamic approach of Infiniti Insurance coupled with an exciting delivery based approach to business that includes innovation, entrepreneurial flair and extensive experience in the underwriting management market and, particularly, the Tourism, Hospitality and Entertainment sectors. More
14. The highs and lows of chemical liability
However you look at chemicals they are risky business. Volatile chemicals present a huge explosion and fire risk while even the more stable chemicals can incur spillage, pollution and poisoning liability. More
15. Keeping a cool head in tough times
“…cycles come and go. The trick is not to panic and not cut what is essential or valuable when things get rough. Instead, make sensible and sustainable adjustments to your business and your risk management strategy, so that you are in a strong position when the recovery comes”. More
16. Is your vehicle covered for mishap across the border?
Have you ever wondered what would happen if you crashed your vehicle or injured someone while on holiday in Zimbabwe, Mozambique, Namibia, Lesotho, Botswana or Swaziland, or in territories even further away like Angola, Zambia, Kenya, or Tanzania? More
17. Need cover in Zimbabwe?
Insurance Gateway® welcomes TristarInsurance onto the IG Zimbabwe portal. TristarInsurance is a multi-line short-term insurer, with significant capacity and expertise. More
LIFE, RETIREMENT (Employee Benefits) and INVESTMENT
1. Overview of unit trust returns for the quarter ended 31 December 2009
Global economic and investor sentiment gained further traction in the fourth quarter of 2009 as global liquidity concerns faded fast. The risk appetite of global investors, as measured by the bond yield spread between emerging market bonds and US bonds, continues to shrink. Evidence of sustained global economic recovery is increasingly visible, especially in increasing demand and the resultant rising commodity prices. More
2. The Orbis Global Equity Fund turns 20
Allan Gray’s global asset management partner Orbis’s flagship Global Equity Fund (US$) proudly celebrated its 20th birthday in January, having achieved average growth of 13.0% over the last 20 years, compared to its benchmark’s 6.2%. More
3. Behind the gold price rally
We are currently seeing one of the great rallies in the price of gold. “What is behind it,” asks Rob Spanjaard, the US-based member of the team which manages Rezco Value Trend Fund, one of the South Africa’s top performing unit trusts. More
4. Investors reduce expected returns from equities
The December results of the Sanlam Investment Management (SIM) Investor Confidence Indices have revealed that investors continue to be skeptical about value in the equity market. As a result, investors have reduced their expected returns from equities. More
5. Investment outlook for 2010
The year of 2009 will be remembered as a year of contrasts. The year started with a devastated world economy. Liquidity had dried up as financial institutions turned their backs on each other and on clients owing to the uncertainty about their ability to survive the crisis… However, investments are not based on the results of the past year, but on future opportunities. More
6. Tips on saving and creating wealth from captains of industry
The financial hardships suffered by many South Africans in 2009 should be reason enough to convince consumers to place their personal finances at the top of their New Year’s resolution list. More
7. Financial Planning Standards Board celebrates its 5th Year Anniversary
Marking its five-year anniversary on 1 December 2009, Financial Planning Standards Board Ltd. (FPSB) released a global position paper, “The State of the Financial Planning Profession in the ‘Post Trust’ Era.” As a member of this global standards-setting organisation, FPI is sharing the 21-page position paper with you. More
8. World’s actuaries to conduct global crisis post mortem in SA
The financial markets crisis and its lessons and long-term implications are topics high on the agenda for the more than 1 000 actuaries from around the globe who will converge on Cape Town early next year for the annual International Congress of Actuaries. More
9. The case for flexible asset allocation
The volatility in global markets during the past five years highlights the importance of a flexible asset allocation strategy for many unit trust investors. More
10. FSB fines two collective investment schemes
The Financial Services Board (FSB) has fined two collective investment schemes a total of R30 000 for not having sufficient capital and exceeding investment limits. More
HEALTHCARE
1. How medical schemes will manage the cost of pharmaceuticals in 2010
The 13.2% increase in the Single Exit Price of medicines awarded by the Minister of Health on December 24th 2008, caused a knock on effect of between 8 and 10 percent on the price of private healthcare between January and October 2009. More
2. Is your medical scheme just paying lip service?
The Medical Schemes Act stipulates minimum levels of service that members can expect to receive. These provide a critical benchmark for schemes wanting to offer the kind of service that will win them favour with their members and hopefully prevent them from moving to competitors.
So for both the member and the broker, it’s a good idea to know what basic levels of service they should be receiving, whether their scheme is self-administered or contracts a separate administrator. More
3. Integrated IT helps drive member centric approach
When Sechaba Medical Solutions deployed Tapestry, an IT platform from the US, in 2001, many in the medical aid industry watched with sceptism but Sechaba remained upbeat. More
4. Nursing logjam: Private hospitals plead for help from government
National Hospital Network CEO Otto Wypkema has pleaded to the Minister of Health to step in and help private hospitals to train more nurses. More
5. SA to host prestigious global insurance medicine congress in 2010
As the global innovator of life insurance products for HIV/Aids positive people and also critical illness products, South Africa has earned the right to host the International Congress of Life Assurance Medicine (ICLAM) in February this year.
This is the first time that this prestigious event with more than 100 years of history will be held on the African continent. The 23rd Congress takes place in Cape Town from 7 to 10 February. More
Yours sincerely
Michael E. Stoker
Insurance Gateway® a division of Stoker Risk and ICT (Pty) Ltd
www.insurancegateway.co.za
P.S. Please forward this update to any of your colleagues who you think may find it useful.
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Insurance Gateway® is an independent internet based insurance and financial services information portal, committed to uplifting standards, assisting with consumer education and making the industry accessible.
NB All articles and links are for information purposes only. As appropriateness may vary by territory and by the merit of individual circumstances, please consult an appropriate advisor before acting on any of the information.
Source: Insurance Gateway®
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