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Check the terms of your insurance policies to avoid nasty surprises
Now that the worst of the recession is behind us, it is even more important that you review your short-term insurance policies regularly, because you face receiving only a partial payout or having your claim rejected if your policy is not up to date with, for example, the insured value of your possessions.
[Full Story...]
Save yourself from a financial 'own goal'
At times of great excitement, sports fans are prime candidates to fall foul of criminals who want to score off their finances. Here is a comprehensive guide to help you keep your money safe.
[Full Story...]
Insurers adopt code to treat you fairly
Insurers have adopted a new code of conduct that compels them to treat you more fairly by, among other things, helping you to insure your possessions for the right amounts, pay your premiums on time, and have reliable repairs done to your car or home.
[Full Story...]
New direct insurer adds to competition
Competition is hotting up in the direct short-term insurance industry with the introduction this week of direct insurer iWYZE, a new offering from Old Mutual, backed by Mutual & Federal.
[Full Story...]
Ombud wants insurers to deal with your complaints faster
Brian Martin, the Ombudsman for Short-term Insurance, is introducing several new measures this year to ensure that your complaints are resolved faster and that you are better protected. Allowing consumers and insurers to appeal Martin's rulings is also a possibility.
[Full Story...]
You're taking a huge risk if you invest in unregulated products
This week we publish reports on our front page on three different cases where individuals have been stung by people operating in the financial services industry.
[Full Story...]
Risky schemes raise calls for more protection
The financial services ombud, Charles Pillai, wants all financial products regulated, greater co- ordination between regulators, and the more determined prosecution of people stealing money from investors to stop the ongoing plunder.
[Full Story...]
FSB puts the squeeze on Orange over unpaid insurance claims
The Financial Services Board (FSB) came down hard on Orange Insurance this week, suspending the company's financial services provider (FSP) licence with immediate effect until its management can quantify the company's liabilities and settle all the outstanding claims against it.
[Full Story...]
What's the good of low premiums if you're not paid out?
Don't only consider the premium you will pay when you assure yourself against death, disability, dread disease or other individual risks. You may just find that the life assurance company does not pay out when you go knocking on its door for your money.
[Full Story...]
Assurers edgy about being compared on claims ratios
I have always thought that the reason one buys risk insurance - be it on your life or your property - is so that you receive a benefit when you need it.
[Full Story...]
Rating of your car's security system is available - for a fee
Insurers use, as an underwriting tool, a list that rates the effectiveness of the factory-fitted security systems of cars manufactured since 1996. However, you, the consumer, have to pay a monthly fee of R70 to access the list.
[Full Story...]
Car security standards inconsistent - ombud
The days of different insurers insisting on different security requirements for your car may end after the Ombud for Financial Services Providers, Charles Pillai, this week called for standard published information on security devices including gear locks and immobilisers.
[Full Story...]
Don't be held to ransom by unauthorised tow-truck drivers
Insurance claims after motor accidents are often held up because vehicle owners are held to ransom by "ruthless" tow-truck drivers.
[Full Story...]
Read the fine print in your funeral policy, ombudsman warns
Funerals can be quite costly for those you leave behind and it is becoming more common for people to take out funeral policies that pay out quickly (normally within 48 hours). However, you should read the fine print on your funeral policy, because some policies expire when you retire or turn 65 years old, the long-term insurance ombud, Brian Galgut, warned this week.
[Full Story...]
Insurers turning the screws when you try to claim
The short-term insurance ombudsman says he is getting an increasing number of complaints about insurers making "unreasonable" demands on claimants, to the point of "treating them like criminals".
[Full Story...]
Financial services ombud rules in favour of claimants in two insurance cases
The Ombud for Financial Services Providers, Charles Pillai, rapped two brokers on the knuckles this week, one for failing to disclose his fees upfront and the other for not informing a client of a material condition on his insurance policy.
[Full Story...]
Ombud claws back more for you
The short-term insurance ombudsman recovered almost R30 million more for consumers last year than the amount he recovered in 2007.
[Full Story...]
10 things you should know about the policyholder protection rules
When you, as a consumer, go in to bat in the insurance market, you need protection against any bouncers or beamers that may come your way. That’s why the government has issued two sets of regulations that look after your interests when you buy a short-term or a long-term insurance policy. We report on how the policyholder protection rules can help you.
[Full Story...]
Bid to appeal insurance ruling rejected
Charles Pillai, the Ombud for Financial Services Providers, this week refused an insurer and a broker leave to appeal against a ruling that ordered them to make good the loss a driver suffered when she wrote off her car while speeding.
[Full Story...]
Ensure you're 100% insured
You may be comfortable in the knowledge that you are insured for your household goods, home and car, but how sure are you that your cover is sufficient? A recent survey showed that 77.65 percent of South Africans with household contents insurance are underinsured by an average of 61.21 percent while 22.35 percent are overinsured.
[Full Story...]
Make sure your insurance has you covered
The arrival in your postbox of the insurance schedule for your sectional title unit is your cue to start asking questions and being more proactive in looking after your investment. We tell you what you need to know.
[Full Story...]
New life for mooted 'super ombud'
A proposal for a single adjudicator for the financial services industry, combining the existing statutory and voluntary dispute-resolution structures, is back on the table.
[Full Story...]
Your broker must spell out policy terms in full
Your broker should be professional at all times when rendering a service to you, Charles Pillai, the Ombud for Financial Services Providers, reiterated in a ruling this week.
[Full Story...]
Fudging the facts entitles the insurer to reject your claim
The office of the financial advice ombud recently dismissed two complaints relating to motor insurance: in the first case, because of misrepresentation by the complainant, and, in the second, because there was no evidence that the broker incorrectly advised the complainant.
[Full Story...]
Broker must pay after clerk botches client's car insurance
The Office of the Ombud for Financial Services Providers has ordered an insurance broker to reimburse its client Marlon van Dorsen of Eldorado Park for the loss of his car because the company failed to ensure that the documents required for his car to be insured were submitted.
[Full Story...]
Brokers must bring material conditions to your attention
The financial advice ombud this week dismissed one complaint against a short-term insurance broker, while ordering another to pay R87 300 in compensation to his client.
[Full Story...]
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