“In the past, the capital in retirement annuities was secure until age 55; from 1 March 2024 customers in these products will have emergency access to up to one-third of their retirement contributions on an ongoing basis,” says Lizl Budhram,…
"We are most concerned about people with living annuities who are in their early 70s and drawing income at a rate of 8% or more instead of the recommended living annuity drawdown rate for this age group of between 5% and 6%," says Actuary Deane…
"Cancelling your life or medical insurance when your budget is tight is one of the worst financial moves you could make, because it leaves your entire family exposed if anything happens to you. I always recommend that insurance is one of the…
Paul Hanratty, CEO of Sanlam, says, “Close to 250 000 young people lost their jobs in the first quarter of 2023, which brings the total number of unemployed youth to 4.9 million. This is devastating in a country where our demographic dividend…
"For many pet owners, their pets are family members, so having an insurance solution that takes care of their pet's healthcare needs - in much the same way as people rely on medical insurance in a health crisis - is non-negotiable, says Candice…
"There is a common misconception that life cover is only meant for older people with family responsibilities and dependents. However, the reality is quite different, as many young people find themselves in the role of being their family's primary…
"Our Fast-Track Events provide claim speed and certainty through quick, hassle-free pay-outs for a predefined list of common injuries, illnesses, and impairments. Last year, up to 86% of Bidvest Life's Income Protection claims were paid through…
“The decline in overall payouts of around R6,5 billion was expected, as 2021 was an exceptional year for claims due to the surge caused by Covid-19, and we are now starting to see a return to normal,” says John Kotze, Head of Retail Protection…
"Fully underwritten life policies are more comprehensive but have a higher premium than a simple funeral policy. The value for money of a life insurance policy, however, is higher than that of a standard funeral policy," says Mark Berrington…
“The findings reveal that one in five adults in South Africa did not have any form of medical aid coverage, while 25% were not members of an employers' pension or provident fund, indicating a complete absence of retirement savings," says Kanyisa…
"Despite the total value of claims reducing from R11.79 billion (2021) to R9.1 billion, as a result of fewer COVID-19-related death claims, Severe Illness pay-outs rose by 16%, Disability by 38% and Income Protection by 6%. The reduction in…
"Our 2022 claim statistics data reveals interesting patterns which highlight the importance of cover for younger South Africans. For example, more than 70% of sickness income claims were from people younger than 45 years and there was a 6% increase…
"Many people don’t always consider what might happen should they no longer be around. Ultimately, they end up leaving loved ones in a position where they need to borrow money, which is far from ideal especially in a rising interest rate cycle,…
"The evolution of technology, however, has provided insurers with an opportunity to simplify the consumer journey. Hollard has embraced this evolution to develop a value proposition based on ease, simplicity, trust, affordability and transparency,"…
Insurance Biz is a New Africa Busines News Services (NABNS) publication launched in 2013 to focus on the insurance industry, investments, financial planning, employee benefits etc. It remains a great resource of news for industry professionals, and for those who seek to learn about the financial sector developments.
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