The SAIA Annual General Meeting (AGM) and Cocktail Function was successfully held on Thursday 25 July 2019, where a new SAIA Board was nominated to guide our organisation into the future. On behalf of the SAIA, its executive and staff, I would like to welcome the new SAIA Board, and believe that its expertise in a wide range of specialist fields in the financial sector will help the industry safely navigate through the numerous insurance risks it faces.
Speaking at the function, our Chairman, Lizé Lambrechts pointed to the challenges faced by the industry - including transformation - which has been a key focus area for us for years. She reiterated its importance, and the need for the industry to pull together to achieve the desired transformation levels and ensure that this does not run parallel to company policies but is embedded in the operations and the DNA of member companies. Ms Lambrechts spoke of the industry’s commitment to transformation demonstrated by the recent approval of the Board to include a “Transformation Section” in the SAIA Code of Conduct that requires all members to report transformation data to SAIA. Ms Lambrechts also touched on the challenges around developing and maintaining infrastructure and the need for the industry and government to address these challenges collaboratively to enable sustainable and affordable property insurance into the future.
As an industry, we continue to be faced by several insurance risks as a result of climate change. The farming community continues to be impacted by the recurring droughts and floods, resulting in significant losses in farming produce and a consequent rise in insurance claims. Such continued catastrophes as a result of these rapid weather changes are also a real threat to national food security. These rapid weather pattern changes have also caused a lot of damage to national infrastructure and other properties, increasing claims and costing the industry hundreds of millions of Rands.
Technological advancements continue to present opportunities and threats for the industry. The ability of traditional insurers and InsureTechs and FinTechs to collaborate and collectively find solutions for our market remains key to our economic growth and sustainability.
Our special guest speaker, the Director-General of the National Treasury, Mr Dondo Mogajane gave the keynote speech covering our economic performance as a country and what we can do as the non-life insurance industry in the financial inclusion and transformation space. Mr Mogajane welcomed the collaborative efforts we have made as an industry to participate in the crafting of the national financial frameworks in concert with the National Treasury, the Financial Sector Conduct Authority and the Prudential Authority.
SAIA would like to thank Mr Mogajane and the National Treasury team, the FSCA and PA teams, all SAIA member executives and our valued stakeholders for attending the function.
In conclusion, I would like to congratulate the IISA/SAIA/FIA Annual Africa Insurance Exchange 2019 Organising Committee for successfully hosting the event at Sun City at the beginning of July 2019.
The newly nominated SAIA Board members are as follows:
1. Lizé Lambrechts – Santam Limited
2. Danie Matthee – OUTsurance Insurance Company Limited
3. Nolwandle Mbalo – Standard Insurance Limited
4. Willem Lategan – Hollard Insurance Company Limited
5. Edwyn O’Neill – Bryte Insurance Company Limited
6. Anton Ossip – Discovery Insure Limited
7. Herman Schoeman – Guardrisk Insurance Company Limited
8. Garth Napier – Old Mutual Insure Limited
9. Robyn Farrell – Auto & General Insurance Company Limited
10. Volker Von Widdern – Constantia Insurance Company Limted
11. Charles Nortje – Credit Guarantee Insurance Corporation of Africa Limited
12. Walter Marte – Nedgroup Insurance Company Limited
13. Wayne Abraham – AIG South Africa Limited
14. Thusang Mahlangu – Allianz Global Corporate & Specialty SA Limited
15. Gary Jack – Chubb Insurance South Africa Limited
16. Andy Tennick – African Reinsurance Corporation (South Africa) Limted
17. Charles Asirvatham – GIC Re South Africa Limited
18. Jacqueline Kilani – ESCAP (SOC) Limited
19. Cedric Masondo – Sasria (SOC) Limited
20. Maniki Rakgalakane – Land Bank Insurance (SOC) Limited.
SAIA Chief Executive