African Insurance Association ("SAIA"), represents
almost all of the short-term insurance companies and is authorised
to negotiate on their behalf. It has 51 members, with a chairman
and deputy-chairman elected from its Board, which governs
the Association. The current chairman is Ronald Napier, Managing
Director of Lloyd's and deputy-chairman is Nick Beyers of S A
Eagle Insurance Company Limited.
The SAIA members
abide by a Code of Conduct.
SAIA supports Business Against Crime and the SAPS in combating
crime, through participation in initiatives such as the Parts
Marking Project and the National Vehicle Database and by donating
mobile police stations. The SAIA is also a member of Business
South Africa and is represented on the Governing Body, the
Standing Committees on Economic Policy and Social Policy as well
as the Committee for Education and Training.
functions of the SAIA are:
representation of its members' interests to the public in a
representation of its members' interests to government at all
provision of a forum for discussion of common interests in the
short-term insurance industry.
facilitation of information flow among its members.
with all associations operating within the insurance industry,
both locally and abroad.
setting of appropriate technical standards for the industry.
their website at www.saia.co.za for more information.
INSURANCE FOR THE EMERGING MARKET
The South African Insurance Association (SAIA) would be launching its
Mzansi insurance product for shack dwellers to match the Mzansi bank
account within the next few months, said Leila Moonda, a spokesperson
for the association.
She explained that the product had already been “designed” and was
awaiting approval from SAIA, the Financial Services Board and the
“We need competition approval,” she added, because the product to be
launched would be collective and the competition authorities would have
to be satisfied that there was no harmful collusive behaviour among
insurers. Collusive behaviour refers to an agreement to fix a price for
a product or service.
The new product will cover the household possessions of those earning
less than R3 000 a month and premiums will range from less than R25 a
month to R150 a month. It will cover not only the contents but also the
structure of the dwellings, including shacks.
Moonda added that the Mzansi insurance would conform to the requirements
financial services char ter signed by the banks and insurance companies
in 2002. These include affordability and accessibility.
Santam will be launching its product designed for the emerging market in
Santam e-focus February 2006
insurers have apologised to brokers for advertising that slates
intermediaries, and pledged to halt this practice after the
Insurance Brokers Council (IBC) raised concerns about conflicting
advertising messages with the South African Insurance Association
IBC, independent broker representative body with some 4 000
members nationwide, maintained that these conflicts were damaging
the industry as a whole. SAIA members include both direct insurers
and companies that rely on brokers.
Roos of OUTsurance apologised for the offending adverts and
pledged to pursue advertising that would no longer discredit the
role of brokers.
van Pletzen, CEO of the IBC, said:
“We have always maintained that there is room
for all the players in the industry, but brokers do not have the
resources at their disposal to counter the vast amount of money
that is being spent on spreading misinformation.
This result will get us all closer to our goal of building
consumer confidence in the insurance industry as a whole.”
Santam e-focus October 2005