In the news today: Insure fails to pay insurers R1.2bn, Africa Re reports an underwriting loss in Q3, and medical aid members express outrage over price hikes

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Insure fails to pay Santam, other insurers R1.2bn

The VBS Mutual Bank, Vele Investments and Insure saga has left insurers out of pocket in respect of premiums not paid over for the month of August. Insure failed to pay insurers in excess of R1.2bn – however, Santam has reassured its clients that they will not be affected in any way.  READ MORE

Africa Re reports underwriting loss in Q3

The reinsurer made an underwriting loss of $20.8m but posted a premium income of $577.4m in the third quarter of the year – an increase of 11.6% on the same period last year.  READ MORE

Medical aid members fed up with price hikes

Medical aid members are questioning whether healthcare will ever become more affordable as they prepare to fork out up to 10% more for their premiums in January.  READ MORE

Kenyan brokers protest Insurance Amendment Bill

Brokers in Kenya have spoken out against the proposed Insurance Amendment Bill, saying it will lead to job losses and business closures. In terms of the proposed bill, clients will be able to submit their premiums directly to insurance companies.  READ MORE

Schroders set to expand in South Africa

The global investment company has been granted a Category 1 Financial Services Provider licence that will allow it to offer global investment services directly to South African clients. READ MORE