Survey Outlines Areas of Improvement for Reinsurers

Reinsurers improvements outlined in survey This survey was done by SAIA members.

About one third of South African Insurance Association members responded to a survey relating to re-insurance - and the results were interesting.

The survey was issued to investigate the relationship between insurers and re-insurers in South Africa, and to identify areas of improvement.

Some of the results were as follows:

• In the short term industry, the spread of risk was seen as the most important purpose of re-insurance.
• The provision of technical assistance came above the protection of catastrophe on the list of reasons why re-insurance is importance.
• Areas that affect the relationship between insurer and re-insurer are SAM (solvency management and assessment) and TCF (treating customers fairly).
• Local re-insurers are preferred over international re-insurers.
• Local groups have a greater understanding of the market and are more visible.
• However, respondents noted that local re-insurers had to improve their levels of service and skill in the market.
• Skill and service improvement are ranked highest of the list of? importance.
• Interestingly, the issue of price remained the lowest on the list of considerations.

The SAIA promotes the short term insurance industry in South Africa and represents most of the insurance companies in the country.

The SAIA boasts over 50 members, all of which abide by the organization's Code of Conduct.