Insurance News

While stories abound of people fighting with their insurance companies over one or other issue – although friends and family may not be a reliable source – a minimal number of complaints reached the office of the Ombudsman for Short-term Insurance (OSTI) last year.

One of the reasons why insurance claims are rejected is because the insured failed to understand the details of the policy, especially what is covered and what isn’t, according to the Ombud for Short-Term Insurance.

South African insurers have different coverage conditions for home solar power systems, which may include expensive sign-offs by two types of engineers and registration with a client’s relevant power utility.

In recent years, South African courts have upheld the enforceability of disclaimer notices, provided they meet specific legal requirements.

South African insurers are warning of faulty equipment in household solar installations, some of which have damaged property.

The first step in combatting cybercrime is to realise that many of the criminal syndicates involved in this space are run like de facto businesses; they operate from offices with large staff complements, all working long shifts to meet targets. This cold truth was shared in the first part of a double-header presentation on cybersecurity, held at Insure Talk 46, a virtual insurance seminar.

Insurance, a legal contract, has been advertised as a commodity lately, like the utensils we use in the kitchen. Even the conclusion period of an important contract is measured in minutes, with no regard to the details of the contract conditions.

Consumers need to be aware of and understand the specific warranty clauses in their insurance policies, particularly those related to valuables such as jewellery. These clauses often have strict requirements, such as keeping items in a locked safe when not being worn, and failure to comply can result in a reduced claim payout, says the Office of the FAIS Ombud.

Vehicle theft and hijackings continue to pose a major threat in South Africa, with alarming statistics showing that the country still grapples with high crime rates in this sector.