Industry news
A house is probably one of the most expensive purchases consumers will make in their lifetime
Submitted by Michaela on Thu, 2012-01-19 15:28Image/Video:
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It is therefore vitally important to fully understand the insurance implications when purchasing a new home so that you can ensure you are financially covered in the event of any loss or damage.
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It is therefore vitally important to fully understand the insurance implications when purchasing a new home so that you can ensure you are financially covered in the event of any loss or damage.
Read more by clicking on the link below:
A house is probably one of the most expensive purchases consumers will make in their lifetime
Source: ITI news
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- 47 reads
Medical Certificates
Submitted by Michaela on Wed, 2011-12-07 15:43Image/Video:
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Where MUA require a medical certificate for older drivers, please note that client should make use of his own doctor as we do not have a contract with Dr Evans any longer.
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- 109 reads
Windscreen Direct
Submitted by Michaela on Wed, 2011-12-07 15:26Image/Video:
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Something we would like to share with you and your clients...
Did you know that Windscreen Direct offers ABS approved, genuine Shatterproof? No excess is payable by MUA Clients when choosing generic glass options.
Please note that Windscreen Direct, The Glass Lab and The Glass Group offer an excess waiver on non-branded windscreens only. Therefore only when electing to have the alternative windscreen glass (not vehicle manufacturer or the “Shatterprufe” trademark brand) fitted, would the excess be waived.
See the table below.
Content:
Something we would like to share with you and your clients...
In the MUA Exchange, August 2011 Windscreen Alternatives were introduced. We have received valuable feedback and use this to reiterate our service level commitments to our clients. The information contained in our email appears to have been ambiguous. Please note that Windscreen Direct, The Glass Lab and The Glass Group offer an excess waiver on non-branded windscreens only. Therefore only when electing to have the alternative windscreen glass (not vehicle manufacturer or the “Shatterprufe” trademark brand) fitted, would the excess be waived.
See the table below.
| MAKE OF VEHICLE | WINDSCREEN DIRECT* | COMPETITORS | DIFFERENCE IN VALUE |
| Range Rover sport |
R2,300
|
R10,123.10
|
R7,823.10
|
| Toyota Yaris |
R2,300
|
R4,687.15
|
R2,387.15
|
| VW Polo |
R2,300
|
R4,397.90
|
R2,097.90
|
| Isuzu KB 190 |
R2,300
|
R3,644.55
|
R1,344.55
|
| Nissan Qashqai |
R2,300
|
R5,517.85
|
R3,217.85
|
| SUZUKI SX 4 |
R2,300
|
R4,484.32
|
R2,184.35
|
For more information, check their website - www.windscreen-direct.com.
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- 281 reads
SASRIA notice about rates
Submitted by Michaela on Wed, 2011-12-07 15:22Image/Video:
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It has come to our attention that some brokers are paying the incorrect Sasria rates, as the incorrect rate is charged to the policyholder.
There is a difference in the rates charged for a commercial and for a personal lines policy.
To distinguish between the two:
- Commercial lines policy such as one being purchased by a juristic persons (juristic person is a partnership, association or other body of persons corporate or unincorporated including a trust) and natural persons acting in a business capacity to acquire the relevant policy;
- Whereas a personal lines policy is one purchased by a juristic persons and natural persons acting otherwise than in a business capacity when acquiring the relevant policy.
It is important that the correct rates are charged and paid to Compass/MUA as Compass/MUA pay the correct amounts to Sasria, which then leaves us short of Sasria premium.
Please contact your MUA Branch if you need assistance.
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- 88 reads
Conflict of Interest
Submitted by Michaela on Wed, 2011-11-02 10:39Image/Video:
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We are moving into the festive time of the year… a time for giving… but do bear in mind that the insurance industry is governed by the Conflict of Interest regulations and the monitoring and reporting of interests, whether financial or immaterial financial interests, are important.
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We are moving into the festive time of the year… a time for giving… but do bear in mind that the insurance industry is governed by the Conflict of Interest regulations and the monitoring and reporting of interests, whether financial or immaterial financial interests, are important.
It is important to be aware that even lunches count as gifts – immaterial financial interest. Whether it is received or given.
Both the recipient and giver of immaterial financial interest have to note and record the immaterial financial interest in their Conflicts of Interest register. The FSB has the authority to do on-site visits to perform checks, which consists of checking both parties’ registers to monitor whether the regulations are adhered to. The FSB have the power to request any proof they might require to verify the records of the register.
When the allowed amount of R 1000 is exceeded, the FSB has to be informed. This system driven monitoring process will ultimately give the FSB the capability to take whatever action is appropriate in respect of entities giving or receiving immaterial financial interest in excess of the legal limit.
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- 111 reads
Booming car sales bodes well for insurance industry
Submitted by Guest on Fri, 2010-05-21 00:00Image/Video:
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Latest motor industry sales figures have revealed that new car sales were up sharply in April, indicating that the car market is finally back on form after a tough few years. According to Christelle Fourie, Managing Director of MUA, the executive motor and home insurance provider, this is a good indicator that the insurance sector is set for a strong year.
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Latest motor industry sales figures have revealed that new car sales were up sharply in April, indicating that the car market is finally back on form after a tough few years. According to Christelle Fourie, Managing Director of MUA, the executive motor and home insurance provider, this is a good indicator that the insurance sector is set for a strong year.
“Sales of new cars bodes well not just for the motor insurance industry but also for the wider insurance sector in South Africa. Motor insurance makes up about 60% of the total personal lines business in South Africa, therefore an increase in demand for car insurance is seen as a good gauge for determining the prospects for the rest of the short-term insurance industry,” says Fourie.
Figures published this month by the National Association of Automobile Manufacturers of South Africa (NAAMSA), revealed that sales of passenger vehicles increased 36% from 26 283 in April 2009 to 35 763 in the same month this year.
“Sales of passenger vehicles in the domestic market in particular showed a significant increase, indicating that South Africans are starting to spend on big ticket items again,” says Fourie.
She says the increase in vehicle sales has also not been restricted to any particular make or market segment. In the middle market segment, brands such as Volkswagen increased sales by 40% in April to 5,389 from 3,843 in the same period a year earlier, and despite its recent woes, sales of Toyota vehicles rose 10% to 3,080 on the same period.
There have also been positive signs in the luxury car market. BMW Group recorded a 40% increase in sales to 1,877. Sales of Audi’s rose 59% in April to 319 against 200 a year earlier, sales of Mercedes- Benz rose 35% to 1,816, while sales of Toyota Lexus models doubled to 26 against 13 in 2009.
Fourie says these figures are backed up by a surge in new policies at MUA, which specializes in insuring executive, luxury and exotic vehicles. “In April alone, we recorded an approximate 20% increase in new business quotation requests, due largely to the upturn in demand for new luxury vehicles.”
Fourie says consumers are often prompted to review their insurance policies when they buy a new car, so the upturn in demand for new motor vehicles indicates an opportunity for insurers to capture new business in 2010 after a period of static policy growth.
Source: ITInews
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- 206 reads
