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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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