© Insurance Biz 2008-2019
current news

Critical factors to consider when insuring your car

Mid-term budget commentary - running into a brick wall: Jac Laubscher

Natural catastrophes dominate Munich Re Q3 results

Weak economy pushes SA closer to downgrade: Riaan Le Roux

SA short-term insurance industry distances itself
  • by

SA short-term insurance industry distances itself

SAIA Acting Chief Executive, Ms Viviene Pearson said: "We are particularly concerned about the outbreak of violence and intimidation which took place in the past week. As an association we have always worked toward inclusivity and equality with a view to encourage a sustainable economic environment together with a variety of business stakeholders as role players, including the small business community."

"Only 35% of motor vehicles on South African roads are insured. It is impossible for the insurance industry to provide work to all service providers in the repair environment." Ms Pearson added that insurers have a responsibility to remain financially viable to pay future claims and to keep insurance affordable. "In addition insurers are committed to customer service. It is for these reasons that insurers generally follow the practice of contracting suppliers to ensure affordable, safe and quality repairs" she said.

"The SAIA and its members are committed to transformation and all insurers have targets to achieve as per the Financial Sector Code (FSC). The accusation that insurers are favouring white-owned business does not make sense against this background."

Ms Pearson also stated that the SAIA and its members are committed to find ways in which to create a sustainable and transformed situation in the repair environment, together with the relevant role-players, and especially in relation to small black-owned businesses.

The SAIA also expressed its deep regret at the loss of life which took place in past week due to violent crime.