COVER Magazine

Tony from Cover interviews Oscar Shabalala of CTU Insurance, an underwriting manager and Hollard’s centre of excellence for commuter transport insurance, with shareholders including Hollard, Lyrius, and Sinawo Global. Oscar explains that the taxi sector is under pressure due to tighter bank lending, reduced vehicle sales, falling passenger numbers, overtraded routes, fuel and parts cost increases, and more repossessions, leading some operators to drop insurance and self-insure. The bus sector faces similar passenger declines, rising bus prices, fuel costs comprising about 40% of operating expenses, and challenges financing fleets due to short or delayed subsidised contracts. He notes taxi insurance penetration is about 80,000 insured out of roughly 300,000 taxis, driven by affordability and understanding, while the formal bus sector is about 95–100% insured. CTU supports affordability through education, wallet-friendly covers, data-driven risk insights, and broker collaboration

FISA CEO Jan du Plessis on Assisted Decision-Making, the Regulation of Trust Bill, and Fiduciary Practice Risks. Tony from Cover interviews Jan du Plessis, CEO of FISA, about key developments and challenges in South Africa’s fiduciary space. Jan says FISA has long advocated for assisted decision-making and an enduring power of attorney, and that the Department of Justice has drafted a bill now under consideration, though details and timing are unknown. He shares a briefing on an imminent new “Regulation of Trust Bill,” highlighting proposed trustee accountability measures such as annual financial statements to the Master, mandatory reporting of trust termination, submission of deed amendments before acting, new offenses and penalties (including beneficial ownership recordkeeping and acting without letters of authority), Master-issued compliance notices and fines, additional court protections for vulnerable beneficiaries, restrictions on land reform trusts, and a risk-based approach to beneficial ownership. They discuss operational delays at the Master’s office (IT/bandwidth, backlogs, vacancies, and lack of uniformity), SARS delays (DEC letters, objections, estate duty), and banking challenges (balances at date of death, payment delays, and QR-code letters). Jan also previews FISA’s conference themed “risk and reward in fiduciary practice,” covering forensic risk, trust services liabilities, exchange control, a Constitutional Court tax case, AI in practice, life policy taxation issues, modern practice risks, and conflicts of interest.

Retirement is about far more than accumulating enough money. In this conversation, Tony van Niekerk speaks with Meeta Gosai, Head of Income Solutions at Momentum Corporate, about the realities of creating sustainable retirement income in an increasingly uncertain world. They explore the financial and emotional challenges retirees face, including longevity, inflation, market volatility and sequencing risk, while highlighting the critical role advisers play in helping clients make confident decisions. Meeta explains why retirement planning should move beyond the traditional choice between growth and security, introducing the concept of a balanced retirement income strategy through with-profit annuities. The discussion also examines how guaranteed lifetime income, smoothing mechanisms and inflation-conscious solutions can provide retirees with greater confidence and peace of mind. This practical conversation offers valuable insights for financial advisers looking to improve retirement outcomes and support clients throughout one of life's biggest transitions.  

How well protected are South Africans really? According to Old Mutual's latest claims experience and the findings of the ASISA Protection Gap Study, the answer is: not nearly enough. 

In this conversation, Tony van Niekerk sits down with Arno Jansen van Vuuren, Head of Product: Retail Marketing, Old Mutual, to unpack the realities behind South Africa's widening insurance protection gap. Using real claims data alongside industry research, Arno explains why severe illness claims continue to rise, why cancer remains the leading driver across multiple benefit categories, and why underinsurance affects even affluent consumers. 

The discussion explores why affordability alone cannot explain the protection gap. Instead, many consumers underestimate both their personal risk and the long-term financial consequences of illness or disability, while overestimating the protection they already have in place. 

For advisers, the conversation offers practical guidance on identifying these gaps through better education, more meaningful client conversations and regular financial reviews that evolve alongside changing life stages. Arno also discusses how product flexibility and solutions designed around customer outcomes, rather than products alone, can help advisers deliver more relevant protection throughout a client's lifetime. 

Whether you're an adviser, insurer or financial planner, this discussion provides valuable insight into today's claims trends, changing customer needs and the important role advice plays in helping South Africans build greater financial resilience.