Safire Insurance Newsletter 2015


August 2016
Cellphone fires
Cellphone and tablet chargers need space to ‘breathe’, according to fire officials. Devices that are covered may build up heat that leads to ignition, and the lithium-ion batteries used in these devices have pressurised containers that may rupture if temperatures rise quickly or melt down if heated for a long period of time. Laptops and tablets should always be placed on a hard flat surface when charging and never block air vents on a laptop. Bedding can easily block airflow and trap heat in the device, so never leave these items on a bed or unattended while charging, fire officials advise.
Insurance sector is vital
Insurance can play a fundamental role in supporting a sustainable economy, by protecting governments and consumers from losses, said Dr Reshma Sheoraj, director of insurance in the financial sector policy unit at National Treasury. “The insurance sector is an important pillar of our financial sector,” said Sheoraj. Short-term and long-term insurance accounts for 23% of financial assets in SA, and contributed R18bn to the country’s revenue base in 2015. Short-term market contributions to GDP equalled 3%, while gross premiums for short-term insurance came to over R100bn, and R42bn claims were paid out. “South Africa is home to one of the largest insurance markets in Africa,” she said.
Safire Fraud Hotline
Standard Bank estimates that short-term insurance fraud in South Africa is a massive 15% of premium costs, meaning that R3-billion every year is siphoned off by criminals. Last year fraudulent claims totalled more than R100-million and those were only the claims that were discovered. When insurance fraud is committed we all pay more as premiums will inevitably have to rise to cover the increased costs. This is why we have introduced a Fraud Hotline. Should you become aware of a fraudulent claim sent to us (or on its way), you can easily and anonymously report it. Have a look…
Rangers at risk
Wildlife rangers, who risk life and limb in the course of their duties, often have no health insurance, life insurance or long term disability cover, a new survey reveals. A report by WWF and the Ranger Federation of Asia (RFA), surveyed 40 countries and found that 63% of rangers in African countries have no life insurance, compared to 38% in Asia and 29% in Latin America. In addition, 35% of government rangers have no life insurance, 20% receive no health insurance and 45% lack long-term disability cover. More than a thousand rangers have died in the past decade.
Wild Ride win for #TeamSafire
Go #TeamSafire! Our Warren Price (seen here in black) and partner Darren Lill (in blue) won the challenging four-day Imana Wild Ride along the Wild Coast in a race-to-the-post finish that saw them managing to overtake Andrew Hill and Tyronne White, who had led the race until the final day. This puts Warren into the record books as it is his fifth successive Wild Ride triumph. He also broke his own record with a time of nine hours, one minute and fourteen seconds.
Safire golf day
The annual Safire golf day was held recently at Victoria Country Club in Pietermaritzburg. Representatives from Safire, clients and broker partners teed off on a sunny day, with a good time had by all. The post-event function saw the awarding of prizes to the winning four ball, Trevor Rawlins, Andrew Davies, Darrell Gregory, and Clint Hippolite. The coveted “Balls to the Wall” trophy was won by Sean Moffatt (seen here), while Redvers Lee, winner of the lucky draw, went home with a limited edition Callaway British Open golf bag.To see more pics...
Umgano Timbers sawmill opening
Safire Crop Division’s Ruth Bezuidenhout and Gareth Smallbones recently attended the official opening of the Umgano Timbers sawmill near Creighton in KZN, an enterprise which came about directly as a result of a community project planting scheme. The Umgano Project covers 7000ha and includes three main components: forestry, agriculture and conservation. The forestry project has 1350ha of timber (900ha of eucalyptus and 450ha of pine), insured by Safire since 2005. It employs 120 people and has a current annual turnover of R12-million. The timber will be processed through the sawmill, adding value and creating additional employment for members of the project community.
Don’t risk cancelling premium payments – Ombudsman
Cash-strapped consumers trying to reprioritise expenses should avoid placing stop-payments on monthly insurance premiums, says Darpana Harkison, senior assistant ombudsman for short-term insurance. She stressed that failure to pay monthly premiums would result in consumers suffering the loss of insured items in the event of a claim – even without a stop-payment in place. “In most cases, claims are against vehicles or houses that are subject to loans. These are not items that you can replace readily and if a claim is rejected you’ll still have to repay the loan on something that is damaged or no longer exists,” she said. A safeguard mechanism in the Policyholder Protection Rules gives consumers a grace period in which to pay and thus ensure that the policy continues to provide cover. Read more...
Olympic women
Domestic goddesses
Gender gap
The 13-year-old swimmer Gaurika Singh from Nepal was the youngest competitor at this year’s Olympics, although she didn’t make it through the heats. Equestrian Mary Hanna from Australia was the eldest at 61 years. This Olympics, 45% of athletes were females, the highest ever.

American women spend an average of 126 minutes daily doing cooking and cleaning, while American men spend 82 minutes. Slovenia, Denmark and Estonia top the list of “man” hours of housework, with men spending an average of two hours on housework daily. In India, men spend around 19 minutes a day.

Globally, the gender gap is currently estimated to be 23%, meaning that women on average earn 77% of what men earn. The International Labour Organisation estimates that it will take 70 years before this wage gap will be completely closed – in the year 2086.

The ultimate suitcase

Tired of rushing to catch your train/bus/plane? Sick of carrying heavy bags? The Modobag is the answer! This ride-on suitcase is three times faster than walking and has been given the thumbs-up by airlines. It is scheduled for release in 2017, although a pre-release special offer is being marketed. Have a look…

Economic Tidbits
Economic Tidbits
Economic Tidbits
• 1,8 million – number of members of the Government Employees Medical Scheme whose benefits will be at risk if the scheme is insolvent by the end of the financial year as forecast by some media outlets.

• 11% and 7% - respective percentages of athletes who suffered injury and illness at the 2012 Olympics. Prior to opening, an expert warned about the importance of insurance for the 2016 Olympic Games.

• R129 billion – amount of grant payments at risk in a court case between the SA government, Net 1 UEPS Technologies which distributes grants on behalf of the government, and the Black Sash Trust.

• $33 billion – estimated damage caused by recent Chinese floods. Less than 2% is covered by insurance.

• $150 000 – amount intended to be claimed by a woman who paid a friend to maim her in a horrific insurance fraud scheme.

• 10 million barrels of oil – South Africa’s strategic fuel reserve, meant to provide 90 days’ worth of fuel to the nation in an oil crisis. Insiders sold all of it for at least $10 below the global price in what looks like the gross theft of between R1,5 and R2,2 billion from South African taxpayers.

• $300-million – investment in a joint project between Volvo and Uber to produce driverless cars, a move that if they get it right could turn the auto insurance industry on its head.

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