As the COVID-19 pandemic continues to affect the livelihoods of many South Africans, most short-term insurers have implemented various forms of relief for their customers. This is in line with the recent FSCA Communication 12 of 2020 (General) which emphasised that regulated entities should bear current circumstances in mind and assist their customers with even more empathy, flexibility and understanding during these difficult times. In addition, the FSCA also published an amended exemption notice related to short-term insurance that aims to facilitate, at the discretion of the insurer, the delivery of premium relief to policyholders without impacting intermediary commission.

Most of the top ST insurers as per this years’ South African Customer Satisfaction Index immediately responded and announced relief measures for their customers.

Guest: Sekgobola Thobakgale - Short term Insurance Specialist with Refined Wealth