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SAIA Bulletin - April 2022

Published

2022

Fri

06

May

Following the floods disaster that took place in the coastal province of KwaZulu-Natal during the Easter weekend, most residential houses or properties impacted are yet to be restored as insurers continue to work meticulously to ensure that policyholders get the attention they deserve during this challenging period. Through-out the month of April, Loss Adjustors continued to scour through the debris in a bid to fully ascertain the extent of the damage and quantify it, while relief work continued to filter to those in need. 

In the last two weeks, social media has been awash with pictures and videos showing houses and buildings sinking into the ground. While some videos showed some minimal level of ground-creep, others showed clear, graphic movement of the ground on which properties were built, and the instant collapse of buildings into the underground, taking with it all the valuables of property owners. SAIA member companies continue to render convenient claims processes and platforms, as well as relief aid to the affected. We would also like to pass our sincere condolences to the families of those that lost loved ones during this time. 

Compounding these challenges has been the immediate loss of power generation by Eskom in the last few weeks. Load shedding costs our economy dearly and causes great frustration among all South Africans, while also creating hardship for households and businesses. South Africa has been experiencing hard power shortages for the past decade, literally being a measure that the national power generator has continued to foist upon the populace and business fraternity. In his April monthly bulletin, South African president Mr. Cyril Ramaphosa alluded to several issues that include policy missteps, and the impact of state capture over many years. The insurance industry remains concerned of these power generation and distribution instabilities, while also hoping that this does not degenerate into a national power grid failure.

We are pleased to announce that we are now in the final stages of seeing our SAIA/INSETA/IISA Retiree Repurpose Programme come to life. SAIA has been allocated five (5) retirees and fifteen (15) junior managers positions for the pilot. In the month of April SAIA held extensive interviews with the nominated candidates and has finalised the list of retirees. 

Let me also thank all SAIA members who participated in the industry procurement data exercise. The exercise took a while to complete, but it gives us a better view of what has been transpiring in terms of procurement spend as an industry. With such informative data in its hands, the non-life insurance industry can only strive to be better informed about those areas that need more attention and celebrate those areas where we do well. 

 
Source: SAIA
 
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Domestic Funds:

Domestic funds form the first tier of classification of unit trusts. These funds invest at least 85 percent of their assets in South African assets at all times. The sub-categories under Domestic Funds are Equity Funds, Asset Allocation Funds and Fixed Interst Funds.
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