Insurance fraud costs South Africa’s industry $390 million

California Insurance company Fraud scam

Every year, insurers are paying for this trend and that cost is being passed down to the consumer. South Africa’s short term coverage industry is paying an estimated $389.6 million every year (4 billion South African rand) in order to compensate for the insurance fraud that it is experiencing in that country. There have been a growing number of cases of fraudulent claims over the last few years. According to Santam Ltd., a Cape Town based short term insurer, this year, alone, there have already been 79 cases of commercial…

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Insurance news from MMI shows coverage laps rates will be increasing

Insurance news reports on cancelled policy trends

The third largest life insurer in South Africa has warned that this trend may be on the way. MMI Holdings, South Africa’s third largest life insurer, has released an insurance news announcement to warn the sector about a potential increasing lapse rate trend as consumers begin to feel the strain of trying to keep up their premiums payments. This trend refers to the cancellation of policies as the result of premiums nonpayment issues. The CEO of MMI Holdings, Nicolaas Kruger, explained that consumers are feeling a significantly larger amount of…

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Insurance coverage against the costs associated with divorce

Divorce can be a highly expensive time in a person’s life, and the financial and emotional strain faced by so many during the recent economic struggles certainly isn’t helping that fact, to the point where many couples who had been ready for divorce found that they were suddenly incapable of doing so due to monetary constraints. Even if the lawyers’ fees are as low as possible, the costs associated with divorce can be quite high. At a bare minimum, there is the fact that where the couple had once been…

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