MARCH 2017

Control of insurance sms communication

A draft replacement of the Financial Services Board (FSB) Policyholder Protection Rules (PPRs) aims to allow consumers to opt out of receiving SMS communication from insurance companies without incurring SMS costs. Although there is existing legislation protecting consumers (the Consumer Protection Act), it does not apply to insurance companies. When the new regulations come into effect, the local insurance industry will be in line with international standards.

Insurance for Olympic hosts?

Holiday home insurance

With numerous public holidays and long weekends during March, April and May, you might be tempted to rent out your home or seldom used holiday home. But what happens if your property and possessions are damaged or stolen by the tenants? Be honest with your insurer and ask for advice before going ahead to ensure that you are properly covered.

Safire Berg 100 winners

SA consumers under-insured

Economic constraints are influencing the number of South Africans who are insured. According to the South African Insurance Association (SAIA), only 35% of the approximately 12 million vehicles on the road are covered by insurance. The implications of this are significant as roughly 70% of all claims result from motor accidents (this is a recent trend - until recently, 70% of claims were considered to be crime-related through theft or hijacking). The number of motor accidents has also increased dramatically, with over 150 000 vehicle-related deaths estimated annually. According to SAIA, this has had a dramatic impact on the local insurance industry, with short-term insurers having to absorb the rising amount of claims on the motor book. Further analysis reveals a peak in claims after holiday periods, especially in late April and May as people return from their travels and submit their claims (both motoring and household-theft related).

Good times for SA forestry

The local forestry industry has increased its roundwood production despite an almost 20% decrease in total forestry plantation area since 1998. In 2015, SA’s total annual roundwood production was approximately 18 million cubic metres (15.3 million tons) from 1.2 million hectares, up from just over 15.6 million cubic metres from 1.38 million hectares in 1998. Exports of primary and value-added forest products in 2015 were valued at R25.8 billion. The decrease in plantation hectares is attributed to the removal of 80 000 ha from sensitive riparian zones; the government closing its forestry operations in some areas; felled plantations not being replanted; land claims interrupting production; incorrect data collection and insufficient information from small growers. Locally, forestry products include saw logs for building, telephone poles, supports for mining, match and charcoal production, and firewood.

Furry hitchhiker

Symbiotic relationships – mutually successful partnerships – are our branding theme, highlighting how we strive to work with our clients in a win-win relationship. This amazing footage shows a genet using a buffalo and a rhino for extra height to catch insects

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