The month of February saw two major scheduled events, the State of the Nation Address (SONA) by President Cyril Ramaphosa on 7 February and the Budget Speech delivered by the Minister of Finance, Mr Tito Mboweni on Wednesday 20 February 2019. The non-life insurance industry, like all other industries, operate in the broader social, political and economic environment and is therefore dependent on a sustainable broader environment. Therefore, much of what SAIA does relate to the sustainability of the industry, as well as the broader environment.
The South African Insurance Association (SAIA) is the representative body of the short-term insurance industry. It represents the industry to all relevant stakeholders to ensure a sustainable and dynamic industry. SAIA has 59 members, comprising all categories of short-term insurers, including reinsurers. Its members abide by the SAIA Code of Conduct, which ensures adherence to best-practice industry standards and self-regulation.
To promote and represent the interests of the short-term insurance industry, while leading and enhancing the efforts of the industry to become recognised and trusted as an important contributor to the South African economy and society.
- To encourage fair and ethical treatment of short-term insurance customers
- To favourably represent the short-term insurance industry in such a way that all stakeholders have trust and confidence in the industry
- To create an environment in which industry members can share information, debate important and relevant issues, and create a common vision for the short-term insurance industry
- To create opportunities for the industry and to embark on initiatives that will enhance its image and reputation amongst all stakeholders
- To promote understanding of short-term insurance to all stakeholders
- To promote awareness of the industry and its contributions to society and the South African economy
Update on the Financial Intelligence Centre’s proposal to include non-life insurers as Accountable… Mar 05, 2019
he NLI delegation has confirmed the appointment of Deloitte to conduct the risk assessment on behalf of the non-life insurance industry.
Like the 2018 Medium-term budget policy statements (MTBPS) this budget was very closely watched with many hoping for clarity on future direction. There appears to be more questions than answers in the current environment and more groups with different views and interests than what the fiscus can allow.