South African Insurance Association

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From the Desk of the Chief Executive - SAIA Bulletin August 2018

Time is indeed flying! I cannot believe we are almost done with 2018 Q3. Our industry has remained a major player in a number of wide ranging projects and initiatives that positively contributes towards our country’s economic growth. Our members remain very active in several initiatives that enable mega projects, undoubtedly making us a key stakeholder in the economic development of our country.

Our commitment to uplift our socio-economic conditions in South Africa, demonstrated through our various initiatives and collaborations is unwavering, hence transformation remains at the top of the agenda and a key focus area for us.

Nedlac Financial Sector Summit

There have been several engagement sessions among Business, Government and Organised Labour and Community at Nedlac, culminating in the current final discussion document. The four Nedlac Work Streams or constituencies continue to meet to iron out a few of the remaining issues that will form the basis of a declaration to be signed at the Nedlac Financial Summit, which will hopefully be officiated by the President, Cyril Ramaphosa.

Financial Sector Charter Council Developments

Following calls for the Financial Sector Charter Council to play a more strategic and broader role in the transformation of the financial sector and broader environment, the Financial Sector Charter Council arranged a strategy session towards the end of 2017, and a new strategy was agreed to by the Council’s constituencies.

In this new role, it has been suggested that the Financial Sector Charter Council be changed to the Financial Sector Transformation Council, and that top leaders need to represent their constituencies (Business, Government and Organised Labour and Community) at Charter Council level.

Consumer Education Initiative

This is also demonstrated through our long-standing Consumer Education Initiative which was recently commended by the Global Federation of Insurance Associations among many as ‘best practice’. It was identified as the best of its kind in Africa, alongside Mexican, Japanese and the Australian initiative. This is a vote of confidence in the work we do as the SAIA to improve financial literacy in South Africa.

SAIA AGM, Annual Cocktail Function and Annual Review

We successfully held our Annual General Meeting and launched our Annual Review at our AGM event at the end of July 2018. We also witnessed the election of new SAIA Board members, and we welcome them on board and wish them well.

Our guest speaker, Mr Ismail Momoniat (National Treasury) delivered the key note address that will be a constant reminder that there is more we can do as individuals and an industry to better our economy and society.

IUMI 2018 Conference in Cape Town

The International Union of Marine Insurance (IUMI) 2018 Conference to be held in Cape Town is only a few weeks away. It will kick-off on the 16th to the 19th of September 2018. This conference, to be held on African soil for the first time in 144 years has drawn senior executives in the global marine insurance world. I would like to thank all our members who participated in the sponsorship of this event and many other entities and parties who have shown great interest through participation in various ways.

We look forward to seeing you in Cape Town!