FINANCIAL SERVICES BOARD Report on Insurance Industry

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Presentation transcript:

FINANCIAL SERVICES BOARD Report on Insurance Industry Number increased from 152 to 161 LIFE INDUSTRY Premium income R111,9bn (+11%) Total income R145bn (+9%) Benefits paid R105bn (+6%) Total assets R637bn (+5%) Free assets : CAR 80% more than 2 x NON LIFE Premium income R23,7bn (+4%) Total assets R32,6bn (+2,2%) Surplus assets ratio 76% above 50% (2 x cover) 1

FINANCIAL SERVICES BOARD Regulatory Developments New Long-term returns plus QUARTERLY return Policyholder Protection Rules Group scheme administrators (funeral business) Unregistered operators Demarcation with medical schemes New focus On site visits Supervision of risk management Conglomerate Supervision Corporate Governance Adherence to international standards 2

FINANCIAL SERVICES BOARD Other Issues International Liaison (IAIS) SADC and training programmes Special projects: Reinsurance Securitisation Outsourcing e-commerce Solvency norms Training of new analysts Cost of supervision 3

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