Common Insurance Risks you must know
The Insurance Risks division is responsible for managing short-term (non-life) insurance related projects and initiatives that best serve the interests of the SAIA members, its consumers and the short-term insurance industry in general. In essence, the division oversees all insurance risks, combining motor, property and other insurance. The portfolio also administers the various SAIA sub-committees including the Association of Marine Underwriters in South Africa (AMUSA), the South African Machinery Insurers’ Association (SAMIA) and the SAIA Insurance Technical Committees.
Portfolios managed by Insurance Risks include:
Motor Insurance portfolio:
Key priorities for the Motor Insurance portfolio is to adequately and substantially address the affordability of comprehensive vehicle insurance, to contribute to road safety in South Africa and to decrease vehicle crime. Vehicle crime is addressed by funding the Business Against Crime of South Africa (BACSA) initiatives and working closely with the South Africa Insurance Crime Bureau (SAICB) in fighting motor related crimes. The SAIA Motor Insurance Risks portfolio projects are overseen by the SAIA Motor Steering Committee and related sub-Committees, Forums and Task Teams.
Current Motor Insurance portfolio projects include:
Automatic Number Plate Recognition Project (ANPR)
Compulsory Third Party Motor Property Insurance (CTPMPI)
Motor Transformation and Sustainability Forum (MTSF) including Motor Body Repairer Projects (MBR)
Original Equipment Manufacturers Projects (OEM)
Vehicle Damage Quantification Governing Body of South Africa (VDQBSA)
Vehicle Security System List (VSS), which is managed by an outside service provider on behalf of SAIA and the National Association of Automobile Manufacturers of South Africa (NAAMSA)
Non-Motor (Property) and other insurance portfolio:
The Non-Motor (Property) and other insurance portfolio is responsible for managing all matters related to property, agriculture, engineering, marine and other business classes excluding, motor, overseen by the Non-Motor Insurance Steering Committee.
Current projects for Non-Motor (Property) and other insurance portfolio include:
Mega Infrastructure Projects
Non-Motor Transformation and Sustainability (N-MTSF)
Systemic and Emerging Risks
The Green Geyser Replacement Project (GGRP)
The Fire Strategy Project (InFIRes), in close liaison with the Fire Protection Association of South Africa (FPASA)
Credit: South African Insurance Association