Which is best for you? It’s the end of the year, and you’re probably reviewing your insurance products and cover. With most South Africans feeling a bit cash-strapped, you may feel yourself looking at cheaper options to save some money. But will cheaper cover your needs? Let’s look at Medical Aid versus Medical Insurance First off, it’s worth noting that Medical Aid and Medical Insurance are two different products. In general, Medical Aid is more expensive than Medical Insurance. … [Read more...] about Medical Aid vs Medical Insurance
insurance
The Risks of not insuring your business
One of the most commonly overlooked priorities when starting a business is having adequate insurance in place to cater for unforeseen risks. Theunis Fourie, Head of Insurance Brokers at FNB says business owners who overlook having insurance in place face the risk of, worst-case scenario, liquidation, should the business face liabilities. Fourie says when it comes to insuring a business, a one size fits all approach often doesn’t work as every business is different and faces unique risks. … [Read more...] about The Risks of not insuring your business
Tips for insuring your family art collection
As more households begin to appreciate the value of art as an alternative form of investment, getting to grips with art insurance should form an integral part of a collection strategy. Elizabeth Mountjoy, Private Wealth Manager at FNB Insurance Brokers, says art is a unique item to insure as it is irreplaceable and appreciates in value. Although art investment was previously limited to individuals wanting to secure their family heirlooms, it has since moved to include individuals and … [Read more...] about Tips for insuring your family art collection
What you need to know about insurance claims
Many business owners and consumers who take out insurance often overlook the value of immersing themselves in how the claims process works. Elizabeth Mountjoy, Private Wealth Manager at FNB Insurance Brokers, says submitting a claim forms an integral part of an insurance policy agreement. When taking out a policy you are essentially purchasing the potential ability to claim a partial or full value of the insured item in the event of a loss. Therefore, the insurer’s decision to make a … [Read more...] about What you need to know about insurance claims
Why insurance premiums have almost doubled since 2013
Many business owners often grapple with insurance premium increases without taking time to understand what leads insurers to hike premiums. Malesela Maupa, Head of Insurer Relationships at FNB Insurance Brokers, says understanding some of the common factors that impact the price of premiums can help businesses plan ahead for unavoidable increases when drawing up their budgets. He unpacks five reasons why insurance premiums have doubled over the past five years: Claims frequency and … [Read more...] about Why insurance premiums have almost doubled since 2013
Lucky Enough to be Going Overseas this Holiday?
06 November 2017 – If you are planning to go on holiday or visit friends and family outside the country over the festive season check the terms of your life policy to ensure you are adequately covered while away. Lee Bromfield, CEO of FNB Life, says many consumers mistakenly assume that by merely taking out travel insurance all their insurance needs will be met. However, you shouldn’t overlook the fact that apart from medical expenses, personal liability, travel delays, lost or stolen … [Read more...] about Lucky Enough to be Going Overseas this Holiday?
Setting the standard for economic transformation and service in the auto glass industry
PORT ELIZABETH – My Glass, the national automotive and building glass replacement group, has maintained its Level 2 B-BBEE accreditation. This is significant for insurance firms in the context of stricter BEE procurement compliance reporting from 2018. Port Elizabeth, Eastern Cape, 2nd August 2017 – Managing director and founder of the My Glass group, Gary Stieger, announced that the company has recently been re-issued with its B-BBEE Level 2 compliance certificate for 2017/18 which is … [Read more...] about Setting the standard for economic transformation and service in the auto glass industry
Do you have enough life insurance to cover your family?
Many people that take out a life policy base the sum insured (maximum amount paid out for claims) on the amount of money that will be required to protect their dependants financially should they pass away. “As your financial circumstances change, it becomes essential to review the sum insured as it may no longer be sufficient to cover the needs of your family or dependants,” says Lee Bromfield, CEO of FNB Life. “There are common situations that may lead people to update the amount of cover … [Read more...] about Do you have enough life insurance to cover your family?
Have you considered insuring your partner’s parents
Couples in long-term committed relationships often find themselves having to support their spouses financially when one of their in-laws who doesn’t have adequate funeral insurance passes away. Lee Bromfield, CEO of FNB Life, says “Even if you have funeral cover for your own parents, you may find yourself in a financial predicament if one of your uninsured in-laws passes away as your spouse may rely on you for emotional and financial support.” For consumers who are currently bearing the … [Read more...] about Have you considered insuring your partner’s parents
How the Unemployment Insurance Amendment Act could stimulate economic growth
How the Unemployment Insurance Amendment Act could stimulate economic growth: The new Act will make benefits available to a much larger proportion of the workforce, and also has the potential to stimulate economic growth. The Unemployment Insurance Amendment Act, which was signed into law by President Zuma recently, has been widely reported on as likely to have a positive effect on the country’s workforce. However, it’s also important to point out it’s potential to help stimulate the economy. … [Read more...] about How the Unemployment Insurance Amendment Act could stimulate economic growth
Why life cover is key for self-employed individuals
Self-employed individuals that have taken a brave decision to leave their jobs and start a business should avoid mistakenly overlooking the financial benefits of having adequate life insurance. "Not having adequate life cover when self-employed can result in your family being left in a big pile of debt in the unfortunate event that you pass away," cautions Lee Bromfield, CEO of FNB Life. "Even if you had life cover in your personal capacity before starting out, it may still not be enough … [Read more...] about Why life cover is key for self-employed individuals
Amidst all that frivolity reviewing your insurance policy regularly is a MUST!
As we head toward the end of the year, it is a good time to reflect on some of the changes that have happened this year. We buy furniture, sell or give away other items and generally make changes to our households. Informing your insurer of these changes is a must before you head off on your annual holiday. Take time out to thoroughly comb through your insurance policies. One unfortunate thing that no one wants to experience is to be underinsured or paying for insurance that you … [Read more...] about Amidst all that frivolity reviewing your insurance policy regularly is a MUST!
Malawi to receive USD 8 Million Insurance Payout from African Risk Capacity
Malawi to receive USD 8 Million Insurance Payout from African Risk Capacity: The African Risk Capacity Insurance Company Limited (ARC Ltd) (http://Ltd.ARC.int) is processing an insurance payout of approximately USD 8.1 million to the Government of Malawi to support its response to the drought which resulted from the poor 2015/16 agricultural season. The Minister of Finance, Economic Planning and Development for Malawi, Honourable Goodall Gondwe, said: “Malawi welcomes the payout from … [Read more...] about Malawi to receive USD 8 Million Insurance Payout from African Risk Capacity
Twelve Top Tips to reduce insurance premiums
For many buyers the excitement associated with buying a new car can make them forget about the financial realities associated with vehicle ownership. Along with monthly finance instalments, the costs of insurance, fuel and maintenance also need to be included in the car-buying budget. However, sometimes consumers take the risk of canceling their comprehensive insurance and drive around without any financial cover - with potentially disastrous consequences. "For some buyers it is simply an … [Read more...] about Twelve Top Tips to reduce insurance premiums
The African Risk Capacity Insurance Company Limited (ARC Ltd) appoints former IFC Director Dolika Banda as CEO
The African Risk Capacity Insurance Company Limited (ARC Ltd) appoints former IFC Director Dolika Banda as CEO: The African Risk Capacity Insurance Company Limited (ARC Ltd) (http://ltd.ARC.int) has announced the appointment of former IFC Director Ms Dolika Banda as Chief Executive Officer, effective from 7 September 2016. She will take the reins from Dr Simon Young, who was appointed CEO in 2014 after playing a leading role in the development of the ARC programme. He will continue to serve … [Read more...] about The African Risk Capacity Insurance Company Limited (ARC Ltd) appoints former IFC Director Dolika Banda as CEO
