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MUA view on compulsory third-party insurance
2011-04-25 18:29
MUA supports the efforts of the SA Government and the Financial Services Board to introduce a solution to the situation where, at the moment, one out of four vehicles on our roads are not insured.
 
Presently, many South Africans face the danger of not being able to claim for damage caused in an accident, as in most cases, other parties involved are not covered.
 
Apart from the obvious benefits of settling claims easier, the new legislation will support those who are serious about risk management in that individual insurance records will be less impacted by issues such as no-claims bonuses.
 
Obviously the process faces some serious logistical challenges, which include the collection of premiums and the enforcement of the law. We are furthermore eager to understand how the policy will be administered and what the role of insurance companies will be going forward.
 
We have confidence in the ability of the industry, under the guidance of the South African Insurance Association (SAIA) to represent all industry views and establish a united voice that can suggest workable solutions.
 
We are excited about the potential benefits of getting a larger portion of South Africa to contribute to a fund that can buffer the impact of accidents on our roads.
 
Tags: Third-party insurance

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