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 ONGOING CONSUMER EDUCATION KEY TO
COMBATTING UNDER-INSURANCE -
SEPTEMBER 2011
Insurance industry figures show that approximately 40% of South African insurance
policyholders are under-insured. This means that a large percentage of consumers are
exposed to financial loss in the event of a claim as they risk being paid out only partially for
the loss they have suffered as a result of being under-insured.
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RISK MANAGEMENT – NOT A STATIC CONCEPT -
SEPTEMBER 2011
As discussed in the previous two editions of FA News, the manner in which insurance
companies identify, analyse, manage, assess and respond to the risks that arise
both in and outside of the insurance sector has changed
significantly over the years.
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CENTRIQ INSURANCE MAINTAINS A+ RATING FOR 3 CONSECUTIVE YEARS -
SEPTEMBER 2011
The Global Credit Rating (GCR) Company has confirmed that Centriq
Insurance, a specialist insurer with an established
presence in the cell captive and alternative risk
transfer segment, maintained their A+ grading for the
year 2010.
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POINT OF SALE FILLS IMPORTANT GAP IN
INSURANCE SECTOR -
AUGUST 2011
Distribution costs have a huge impact on the price of insurance products to the consumer
impacting on the viability on certain products. Hence, many insurers turned to more
innovative ways (e.g. multi-product, multi-channel distribution models or alternative
distribution strategies) to realise cost efficiencies in distribution and to access target markets
in more remote areas.
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CONFLICT OF INTEREST - THE ROAD AHEAD FOR FSPs -
AUGUST 2011
When Conflict of Interest (COI) was introduced, the duties of Financial Services Providers
(FSPs), and anything that keeps FSPs from adhering to or applying the primary
regulatory requirements, effectively became a ‘conflict
of interest’.
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NEW
MARINE UMA FOR CENTRIQ -
AUGUST 2011
Centriq Insurance entered 2011 without its skippers licence when it lost its long standing
Marine UMA. The loss was taken as a challenge and Centriq went out to sea in search of a
new skipper. Within 3 months Centriq found their new skipper named Nautical
Underwriting
Managers (Pty) Ltd.
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KEU AND CENTRIQ ANNOUNCE PARTNERSHIP -
AUGUST 2011
KEU, the specialist entertainment industry short-term insurance provider, has announced a
move to Centriq as its underwriter with effect from July 2011.
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ANALYSING AND EVALUATING RISKS -
AUGUST 2011
The major regulatory change within the insurance industry and the increasing socioeconomic
challenges that South Africa is currently facing is underscoring the importance of
managing risk more effectively.
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QR CODES - A POWERFUL CONCEPT -
AUGUST 2011
A few years ago, the idea of digitally connecting your clients to ‘paper-based hyperlinks’ was
unthinkable. Today, however, it’s a mobile revolution. Hence the reason why Centriq
Insurance employed the unique abilities of Quick Response Code (QR) technology in this
year’s advertising campaign.
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CLAIMS MANAGEMENT CHALLENGES -
JULY 2011
Managing public perception is one of the biggest challenges during the claims management
process. “For this reason, it is imperative to empower claimants by guiding and educating
them throughout the life time of their policy and, as such, during the entire claims process,”
says Berna Hattingh, Claims Specialist at Centriq Insurance.
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ACTURIAL METHODOLOGICAL CONSIDERATIONS FROM A FINITE RISK PERSPECTIVE -
JUNE 2011
In the case where the traditional insurance market cannot provide insurance cover or where the
cost of traditional cover is too expensive, finite risk insurance, namely insurance mechanisms
which provide continuous and full protection to a client for a multi-year period of time at a
premium that is payable in periodic instalments and/or annually in advance, fills the gap.
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CENTRIQ SECURES NEW UMA -
JUNE 2011
Centriq Insurance entered 2011 without its skippers licence when it lost its long standing Marine UMA. The loss
was taken as a challenge and Centriq went out to sea in search of a new skipper. Within 3 months Centriq found
their new skipper named Nautical Underwriting Managers (Pty) Ltd.
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OMBUDSMAN AWARDS SERVICE EXCELLENCE -
JUNE 2011
Each year, the Ombudsman for Short-term Insurance (OSTi), Brian Martin, recognises the
valued contribution insurance companies make toward the efficient functioning of the OSTi
office by means of the Isabel Jones Ukusizana Trophy.
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B-BBEE AS AN INCLUSIVE DEVELOPMENT IN SA's BUSINESS SECTOR -
MAY 2011
Yurika Pistorius, Compliance and Sustainability Officer at Centriq Insurance, discusses BBBEE
from a regulatory and business development perspective, advising industry role
players who haven’t fully embraced this legislation to do so as a matter of urgency.
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EMBEDDING, MEASURING AND DEMONSTRATING TCF -
MAY 2011
Yurika Pistorius, Compliance and Sustainability Officer of Centriq
Insurance, elaborates on the best way to embed, measure
and demonstrate TCF.
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INSURANCE LAW vs EQUITY -
APRIL 2011
The need to promote confidence in the financial services sector and to develop a positive image
of the insurance industry has never been greater. Doing so requires a delicate balance between
strict application of the law and consideration of the principles of equity and fairness.
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THE COST
OF INSURANCE EXPLAINED -
MARCH 2011
Insurers take numerous factors into consideration when
calculating the cost of insurance. “With the support of
statistical evidence, various factors that can
potentially influence the likelihood and/or intensity of
associated risks are considered,” explains Patrick
Ndururi, senior manager of actuarial services at Centriq
Insurance.
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GCR REAFFIRMS CENTRIQ’S A+ RATING -
MARCH 2011
Global Credit Rating Co (“GCR”) has reaffirmed Centriq Insurance Company Limited’s
(“Centriq”) domestic ZAR currency claims paying ability rating of A+ (single A
plus). The rating is an indication of high claims paying
ability and above average protection factors.
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INSURANCE LAW vs EQUITY -
MARCH 2011
The need to promote confidence in the financial services sector and to develop a positive
image of the insurance industry has never been greater. Doing so requires a delicate
balance between strict application of the law and consideration of the principles of equity and
fairness.
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ERM
REMAINS INTEGRAL GOING FORWARD -
FEBRUARY 2011
Pravin Pather, senior underwriter at Centriq Insurance,
takes a closer look at the importance of Enterprise Risk
Management (ERM) within insurance companies, stating
that it will continue to play an integral role going
forward, especially as far as underwriting is concerned.
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RAF
INSURANCE AND CONSUMERS TO MAKE FINANCIAL PROVISION -
FEBRUARY 2011
Although the Road Accident Fund (RAF) was initially established to help South African motorists
bear most of the costs resulting from road accident injuries or death, we saw a significant
reduction in benefits for road accident victims since amendments to RAF legislation took effect
in August 2008.
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THE
VALUE OF UNDERWRITING MANAGEMENT AGENCIES -
JANUARY 2011
UMA’s are valuable in the sense that they provide
specialised insurance products and services to brokers
within specific lines of business. “Using the skills and
experience of a UMA partner therefore allows an insurer
to penetrate and underwrite a product or service within
a highly specialised field.
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SANTAM INCLUDING CENTRIQ’S BBBEE RATING -
DECEMBER 2010
Centriq Insurance (Centriq) believes it is only through sustained profitable growth and
through its BBBEE, transformation and diversity initiatives, that it can remain relevant, grow
and increase its profitability.
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CENTRIQ
GOLF DAY A HUGE SUCCESS -
NOVEMBER 2010
Centriq Insurance would like to congratulate the winners
of their annual Golf Day held at
Randpark Golf Club on 23 November.
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CENTRIQ PARTNERS WITH PARADIGM RISK -
NOVEMBER 2010
Underwriting management agencies (UMA’s) play an important role in the insurance value
chain, offering brokers and their clients streamlined access to insurance capacity, with the
additional benefits of specialised technical skills, highly efficient service and a cost-effective
outsourced model.
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CENTRIQ SECURES NEW UMA -
NOVEMBER 2010
Centriq Insurance has extended their footprint into the market place by welcoming Azriel
Aero Aviation Underwriting Managers (Pty) Ltd to their UMA [underwriting management
agencies] stable during November.
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INDUSTRY OUTLOOK 2011 - NOVEMBER 2010
Role players within the South African insurance sector had to manage and overcome many
challenges this year. “Firstly, consumer wallets were tight. Hence, we saw an increase in
recycled business and a decrease in new growth as people shopped around for lower
insurance premiums and brokers moved books of business because of price pressures.
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UMA
CONFERENCE - OCTOBER 2010
Discussions on the Short-term Insurance sector’s
changing regulatory landscape took centre
stage at Centriq Insurance’s UMA Conference, held at the
Royal Marang Hotel near Sun
City in October this year.
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MARINE INSURANCE - OCTOBER 2010
Also known as UMS, the company have been underwriting Marine Insurance for 20 years.
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THE IMPACT OF ERM ON UNDERWRITING -
OCTOBER 2010
Pravin Pather, senior underwriter at Centriq Insurance, takes a closer look at the importance
of Enterprise Risk Management within insurance companies and discusses the impact
thereof on underwriting.
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HOW TO TREAT CUSTOMERS FAIRLY - JULY 2010
The market conduct objectives as set out in the Financial Services Board’s (FSB) discussion paper on Treating Customers
Fairly (TCF) provides valuable insight into how South African firms can ensure that consumers gain a better understanding
of the product/s they buy.
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CREDIT INSURANCE AT POINT-OF-SALE - JULY 2010
Given South Africa’s legal framework which is based largely on the UK’s common law and our propensity to follow the UK’s
trends in regulation, South African insurance industry role players may be concerned about the United Kingdom’s
Competition Commission’s plans to ban point-of-sale credit insurance products in their country. Michael Blain, CEO of
Centriq Insurance, comments on the future of credit insurance in South Africa.
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NO SMOOTH RIDE FOR THE INSURANCE INDUSTRY - JUNE 2010
More than 9,5-million live motor vehicles were recorded on South Africa’s 754 000 kilometres of road infrastructure by the
National Traffic Information System (eNaTIS) in September 2009. Local municipalities are struggling to keep up with the
volume of road maintenance and repairs needed, and the challenges have been compounded by the amount of rain that has
fallen recently.
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TO BIND OR NOT TO BIND - APRIL 2010
Binder agreements are an established feature of the
Short Term insurance industry. A binder agreement is
simply an outsourcing agreement between an insurer
(principal) and a third party (broker, administrator or
underwriting manager). The insurer mandates the binder
holder to perform certain functions for and on behalf of
the insurer in connection with administration of
insurance policies and claims.
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CENTRIQ CELEBRATES 4 YEARS OF INSURANCE EXCELLENCE - APRIL 2010
Centriq Insurance celebrated four years of insurance innovation at its annual client function held at the famous Kyalami
Grand Prix Circuit in Midrand recently.
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SANTAM
ACQUIRES 100% SHAREHOLDING IN CENTRIQ - APRIL 2010
Santam and Centriq Insurance (“Centriq”) have pleasure
in announcing that Santam has reached agreement with
Kagiso Risk Solutions (“Kagiso”) to acquire Kagiso’s
33.3% effective interest in Centriq. Centriq will
thereafter be wholly owned by Santam. The transaction is
subject to inter alia the approval of the Financial
Services Board. Santam currently holds a 66.7% interest
in Centriq.
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FINANCIAL HIGHLIGHTS- YEAR ENDED DECEMBER 2009 - APRIL 2010
Centriq Insurance Holdings Limited is pleased to announce its key financial highlights for the year ended 31 December
2009.
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CENTRIQ HONOURED FOR INSURANCE EXCELLENCE - APRIL 2010
Launched in 2007, this prestigious award recognises insurers that build consumer confidence in the industry by playing a
significant role in the effective resolution of disputes through the prompt submission of quality reports to the Office of the
Ombudsman for Short-term Insurance in South Africa.
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SAM –
THE ‘BASEL II’ OF SA’s INSURANCE SECTOR - March 2010
According to Michael Blain, CEO of Centriq Insurance,
the allocation of human resources will be one of the
biggest challenges small to medium insurers will face
when the Financial Services Board (FSB) implements the
new Solvency Assessment and Management (SAM) regime in
2014.
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BUILDING
REPLACEMENT COSTS - March 2010
If an unforeseen disaster such as a fire or flood were
to damage or completely destroy your property, you would
have to
deal with the stress of rebuilding aside from the trauma
the loss. If the building was bonded, you would also
have to continue
paying the instalments on an asset that no longer
exists.
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BURGLAR
ALARM WARRANTIES - November 2009
If you are one of the many people in South Africa who
fail to set your alarm when you leave your property
unattended - even
for a short while - you are at risk of having your claim
rejected by your short-term insurer in the case of a
break-in.
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MARINE
INSURANCE - November 2009
Centriq Insurance subscribes to a partnership approach
concerning marine insurance cover in South Africa by
mandating underwriting management agencies to underwrite
within certain parameters while retaining autonomy
over their niche business.
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CENTRIQ
RETAINS A+ RATING - November 2009
International rating agency Global Credit Rating Co. (“GCR”)
has maintained the domestic ZAR currency claims
paying ability rating of Centriq Insurance Company
Limited (“Centriq”) at A+ (single A plus).
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DENEYS REITZ ON CELL-CAPTIVES IN SA
- November 2009
In an article published on Insurance Gateway, Donald Dinnie, director at Deneys Reitz Inc, describes the judgment of BMW Financial Services (South Africa) Pty Ltd vs
Harding [2007] 4 All SA 716 (C) of the Cape High Court
as a “comfort to cell-captive operators” in South Africa
due to the fact that there are currently no legislation
on cell-captives in the country.
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CELL
CAPTIVES IN SA - November 2009
A cell captive is a legal method of enabling a
non-insurance entity to share in the insurance license
of an insurance company.
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REINSURANCE WITHDRAWAL IN SOUTH AFRICA - November 2009
Pravin Pather, Technical and Risk specialist at Centriq
sheds light on the withdrawal of reinsurance capacity in
the country
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MOTOR
INSURANCE TRENDS IN SA -
November 2009
While there are numerous factors that are negatively
affecting the increasing cost of motor insurance
premiums in South Africa today, the question insurers
should ask consumers is can you afford to be without
insurance cover on your motor vehicle?
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UNINSURED MOTOR VEHICLES -
October 2009
There is a tendency among South Africans today to
continue driving their motor vehicles long after they
have settled the full amount borrowed.. “This poses a
huge risk to both the motorist and the South African
short-term insurance industry as people tend not to
renew their insurance cover after their finance
arrangements have come to an end.
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MONEY
FOR YOUR MILEAGE -
October 2009
While there are numerous factors that are negatively
affecting the increasing cost of motor insurance
premiums in South Africa today, the question to ask
consumers is can you afford to live without it?
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CENTRIQ
INSURANCE HOLDINGS LIMITED FINANCIAL HIGHLIGHTS -
September 2009
Centriq Insurance Holdings Limited is pleased to
announce its key financial highlights for the year ended
31 December 2008.
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PRIVACY
AND DATA PROTECTION - July 2009
The SA Law Reform Commission first released the
Privacy and Data Protection discussion paper during
October 2005. The discussion paper is still under
consideration and has not been passed as a Bill.
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MONEY
FOR YOUR MILEAGE - May 2009
Mark Stone, client manager at Centiq Insurance,
discusses trends in South African motor insurance
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DIRECT TALKING - May 2009
Michael Blain, CEO of Centriq Insurance, looks at
the changing face of consumers’ insurance needs after
the advent of direct insurance
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INSURANCE GRATIFICATION WITHIN REACH -
February 2009
Pravin Pather, technical and risk specialist at
Centriq Insurance discusses the role of
insurance ethics in consumer gratification
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POACHING, SKILLS SCARCITY A HARSH REALITY - February 2009
“A VICIOUS CYCLE HAS BEEN UNLEASHED” – Michael
Blain, CEO, Centriq Insurance on skills poaching within
SA’s insurance industry
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CENTRIQ
MAINTAINS STRONG RATING OF A+ - January 2009
International ratings agency, Global Credit Rating
Co. (“GCR”) has reaffirmed the domestic ZAR currency
claims paying ability rating of Centriq Insurance
Company Limited (“Centriq”) at A+ (single A plus). The
rating reflects the insurer’s strong claims paying
ability and above average protection factors.
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