Santam tops the charts again

Now how is this for a year of achievements?

Santam, has been named as the Best Large Company to work for in South Africa -according to the Deloitte Best Company to Work For survey.

Now you may think that's not such a great achievement. But, coupled with Santam's recent clean sweep at the FIA awards, where Santam was voted as the country's top insurer in all 3 categories: Personal, Commercial and Corporate, then it is clear that the guys with the yellow umbrella are doing something right.

Another reason why more than 70% of my personal and commercial clients are insured with Santam. Peace of mind, I reckon.

Murder and most contact crimes down in latest crime stats

Murder and most contact crimes down in latest crime stats:
"The number of murders committed in South Africa has continued to drop, but house robberies have increased by more than a quarter, according to Police Minister Nathi Mthethwa.

Releasing the police's crime statistics for the 2008/9 financial year, Mthethwa said contact crime - the form of crime generally associated with violence - currently accounted for 32.7 percent of all crime and that there had been a decrease in five of the seven contact crime categories."

While this is good news (in a way), we are still a long way away from the improvements that we all wish to see. A 27% increase in house robberies is quite alarming!

Making sure that household insurance is in order must be a priority for all of us, at least with the correct insurance you can be sure you will get your things replaced. Remember your household goods must always be insured for their FULL REPLACEMENT value, in order to avoid being under-insured.

Untitled

According to a KPMG suvey, the deterioration of the South African economy during 2008 has had an adverse effect on the financial performance of the insurance industry.

The short-term insurers that participated in the survey, which is representative of the industry as a whole, collectively reported gross written premiums of R51.0 billion for 2008 which compares to the R46.7 billion reported in 2007.  This represents a 9.2% increase. 

"When the premium growth is compared with consumer price inflation of 11.5% and a gross domestic product of 3.1% during the same period, it is clear that the short-term insurance market has shrunk in real terms during 2008," says Gerdus Dixon, National Insurance Industry Leader at KPMG. "This is a worrisome statistic."

The full article is here

Posted via email from Shane's posterous

R1000 a month to commute - and coming soon

Travelling between Jhb & Pta daily? Get ready to spend an extra grand a month on tolls - starting in 2011.

R1000 a month to commute - and coming soon

via Motoring on 9/10/09

Automatic freeway tolling is about to hit South Africa at 50c/km - or roughly R1000 a month to commute from Johannesburg to Pretoria, reports RAY LEATHERN. Can YOU afford that...?

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CMS critical of Medical Schemes Brokers

It is somewhat worrisome that the financial services industry, and intermediaries in particular, are coming under so much fire lately. Especially when the majority of brokers add value and provide an important service to members of the public.

And then we have a regulatory authority, like the Council for Medical Schemes, publicly criticising brokers, and in my opinion, generalising that brokers are not offering valuable services.

The monthly commission payable to medical schemes brokers is a paltry R60 per member, and has not been increased to cater for inflation this year. However their expenses such as compliance and licencing costs increase every year. Fair? I think not.

FINANCIAL INTERMEDIARIES ASSOCIATION OF SOUTHERN AFRICA

MEDIA STATEMENT

Thursday, 3 September 2009: Comments by the Registrar of the Council for Medical Schemes (CMS), Patrick Matshidze, about the conduct of healthcare intermediaries have drawn strong criticism from the Financial Intermediaries Association of Southern Africa (FIA) and intermediary community.

At yesterday’s launch of the CMS’ latest annual report, Matshidze stated that there is “particular concern about the presence of unscrupulous medical aid brokers who render non-value services.”

Says Linza van Aswegen, chairperson of the FIA’s Healthcare Benefits Committee: “While this may hold true for the minority of healthcare intermediaries, this is not the case for the majority of financial advisors in the industry who work hard to add value and offer a meaningful service to thousands of consumers. It is unfair to make such a generalisation and one which could mislead members of the public to believe that all intermediaries are under suspicion of poor conduct.”

The value that the healthcare intermediary adds to medical scheme members and prospective members should not be underestimated says van Aswegen.

“Medical schemes are fraught with technical terminology, complex terms, limits and different benefits, a wide range of codes that are allocated to various medical procedures and many other components which only a specialist in this area will be able to interpret and explain properly,” she says.

The FIA also wishes to clarify Matshidze’s reference to high broker or intermediary commissions.

For several years now, commission has been regulated by the Minister of Health and is limited to R60,70 plus VAT per member per month or 3% of the monthly contributions to the scheme plus VAT. The maximum amount per member has not yet been adjusted for inflation in 2009 (an increase is allowed for in legislation).

With regard to the prevailing misperception that intermediaries churn policies in order to bolster their commission, the public should be made aware of the fact that in instances where a medical scheme member transfers from one scheme to another, the commission due to the intermediary from the original scheme ceases to be paid altogether and payment is then picked up by the new scheme. “The intermediary does not benefit financially by moving a member from one scheme to another,” says van Aswegen.

Intermediaries are subject to a code of conduct outlined under the Financial Advisory and Intermediary Services Act, while healthcare intermediaries are also regulated by requirements set out by the CMS. In addition, all members of the FIA are bound by a strict code of ethics.

“FIA intermediaries are committed to assisting the consumer to make informed decisions regarding medical schemes and health insurance products,” says van Aswegen.

-ends-

Banks' plan to fight ATM crime

Banks' plan to fight ATM crime: "Bank card-related crimes are down but still more can be done."

• While card fraud figures show a downward trend nationally, criminals continue with attempts to defraud banking clients

• Counterfeit card fraud remains a prevalent fraud method

• Skimming of cards with handheld skimming devices at ATMs is on the increase

• Members of the public are advised to guard cash safely after making ATM withdrawals to avoid being robbed

Standard Bank relaxes lending criteria

Great news for consumers looking to buy their 1st home!

Standard Bank relaxes lending criteria: "Makes it easier to get jump start bonds and ups bad debt ratio on credit cards."

New tobacco laws come into force

One good thing the SA government has done lately! Although I fear 'policing' it may be a challenge though.

It is now illegal for adults to smoke in a car where there is a child under 12, and smoking is also illegal in "partially enclosed" public places such as covered patios, verandas, balconies, walkways and parking areas.

New tobacco laws come into force

via Mail & Guardian News Feed on 8/31/09

Two pieces of legislation that dramatically increase smoking fines and crack down on tobacco companies have been signed into law.

Posted via email from Shane's posterous