“Tonight, once again, the major issues facing our industry will be highlighted and discussed. Suitably, it has also become tradition for our annual themes to be symbolic of where we believe the SAIA is in terms of its development and the position in which the short-term insurance market finds itself. This year, the theme, “Laying foundations for the future” was chosen because we believe that, of late, the SAIA has become involved in issues and initiatives that will lay the cornerstone for the future of the short-term insurance industry.” said Mr Ronnie Napier, Chair of the SAIA in his official address which focused on the solid foundations recently laid by the Association.
“Only recently, the SAIA created a new SAIA Code of Conduct, which was signed and accepted by all of our member companies. A new SAIA Motor Strategy was also drafted and the implementation thereof has commenced to ensure the sustainability of the largest class of business for insurers. The Association has also recently put in place a new SAIA Consumer Education Strategy which enables the industry to continue to make an impact with its widely acknowledged collaborative foundation consumer education initiative. We have also been awarded two international grants for consumer education, one of which will be cited as a case study and an international example of best practice,” said Mr Napier.
Mr Napier added that the SAIA is also currently establishing an industry approach on Data Sharing as required in terms of the Insurance Laws Amendment Act, and engaging with the Financial Services Board towards the launch of a South African version of the European Solvency II Solvency Assessment and Management regime. This effort is intended by the Financial Services Board to promote the soundness of insurance companies through the effective application of international regulatory and supervisory standards.
“With the aim to position the SAIA to ensure sustainable success, the SAIA Board amended the structure of the Association and the SAIA Key Strategic Areas now include: Image & Reputation, Legislation & Regulation, Operations, Transformation, Motor, Reinsurers, Short-term and Re-insurers Data Exchange (STRIDE) and Sustainability,” said Mr Napier.
Mr Napier congratulated the newly elected SAIA Board members and thanked them for making time available to serve the industry. The newly elected SAIA Board members are:
- Blain, Michael - Centriq Insurance Co. Ltd
- Creamer, Tom - Auto & General Insurance Co Ltd
- Dombo, Garikai - Alexander Forbes Insurance Co. Ltd
- Durek, Mike - ACE Insurance Ltd
- Kennedy, Keith - Mutual & Federal Insurance Co. Ltd
- Kirk, Ian - Santam Ltd
- Klennert, Achim - Hannover Reinsurance Africa Ltd
- Kohler, Nic - Hollard Insurance Co. Ltd
- Munnoch, Guy - Zurich Insurance Co. Ltd
- Ngulube, Junior - Munich Reinsurance Company of Africa Ltd
- Omar, Nash - Etana Insurance Co. Ltd
- Roos, Willem - OUTsurance Insurance Co. Ltd
- Samie, Adam - Lion of Africa Insurance Co. Ltd
- Schoeman, Herman - Guardrisk Insurance Co. Ltd
- Sibanda, John - Lloyd’s
- Truter, Mike - Credit Guarantee Insurance Corp. of Africa
Mr Napier added that he believes that the newly selected Board members have a major role to play to enable SAIA to promote and represent the interests of the short-term insurance industry, while leading and enhancing the efforts of the industry to become recognised and trusted as an important contributor to the South African economy and society.
“Our theme reflects the importance of the SAIA’s undertakings and we are looking forward to an exciting year ahead, building on the solid foundations that we have put in place,” he concluded.