Welcome To AAA Insurance
We specialise in
- Life & Disability coverage
- Retirement planning
- Income Tax planning (savings)
- Estate planning
- Trauma insurance
- Income protector
- Study policies
- Bond insurance
- Short term insurance
- Additional Pension Funds
For more information about our products, please visit this page.
Why You Should Trust Us
Been in a road accident lately? Or perhaps you’ve had to replace your stolen Apple iPod touch? Whatever misfortune has befallen you, if you are insured, you have some recourse to replacing your damaged/stolen property: this last fact makes insurance a must for everybody. After all, you wouldn’t be able to look for a new sports car if you weren’t able to collect on an insurance policy protecting you from accident liability.
In the middle of 2011, South African authorities announced a plan to redress some of the issues gripping the insurance industry. It was a move that they hoped would force an increase in funding, most especially for the medical insurance companies.
The plan is to be implemented over the next 14 years, and hopefully will close the gap between those who can afford medical insurance and those who can’t. At the same time, the plan includes a boost to improve medical facilities in the country, most particularly the public health facilities.
Aaron Motsoaledi, the South African Health Minister said:
These first steps towards establishing National Health Insurance or NHI are truly historic.
The total cost of the project to South Africa would be in the vicinity of R267 billion by the time it is fully implemented in 2020. The funds will be generated from taxes, the private sector’s contributions, and a scheme to get private investments.
As of now, less than 18% of the population in South Africa has insurance and of this figure, 90% of the 18% represents insurance investment from the minority white population. This means that more than 80% of South Africa relies on the government for health care; something that the government is not able to provide adequately.
As for other plans in the insurance industry, South Africa is battling for more awareness in travel, auto, and life insurance plans among its citizens. They are looking towards the South African Insurance Association to help them bring awareness for the need for insurance to the forefront, and hence make it seen as a necessary expense. As such the association has begun its “Batman Campaign”, where it plays the role of the dark knight: the association aims to fight crime in the forms of car theft and insurance fraud. They have tied up with the South African Insurance Crime Bureau and the Business Against Crime South Africa (BACSA) to find solutions for better road safety, education, awareness, and assistance.
The Situation on Insurance Fraud in South Africa
Like everywhere else in the world, insurance fraud exists in South Africa. However, considering the low percentage of citizens who get insurance religiously, the fraud is relatively marginal. Nonetheless, it is the thrust of the government to improve the insurance industry and get South African citizens on board by putting in place concrete measure to prevent insurance fraud from escalating.
Right now, the backlash from insurance fraud in South Africa is the higher premiums being charged to insurance policy holders. This is going to be reduced so that more South Africans can afford the premiums and give a visible boost to the insurance industry.
Pay outs Caused by Natural Disasters
In the first 4 months of 2011, the global insurance industry has had to pay out more than USD 40 billion from insurance claims as a result of natural disasters. The South Africa insurance industry has not yet had to deal with pay outs of massive figures but they are already working on how to protect the market.
Maybe because the insurance industry in South Africa is still set to propel forward, the market is manageable and very secure. However, because disasters happen without advance notice, the industry is making sure that it can handle a worst case scenario. The push to offer lower-priced policy plans is one way to protect the people from losing everything.