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Insurance Institute of South Africa to discuss the future of motor insurance
Tuesday, 13 July 2010 17:39
Sustainability_of_Motor_Insurance_The gross number of uninsured vehicles on the road has come to the attention of the Insurance Institute of South Africa (IISA), which will be holding its Promote Insurance Professionally (PIP) morning seminar on Friday, 23 July 2010. The topic for this meeting? The sustainability of the motor insurance industry, of which uninsured vehicles will be discussed.

The PIP is a breakfast seminar to be held at the Indaba Hotel in Fourways particularly for those in the automotive industry, Company Motor Fleet Managers and Motor Fleet Risk Managers. Other subjects on the agenda include bad driving habits and the ever-increasing cost of repairs of vehicles which is also the most dynamic insurance cost pushing up insurance prices.

Although aimed at insurance specialists, the public is welcome to attend and discuss the current state of affairs in the vehicle insurance sector. The high prices and escalating costs are impeding this sector of the short-term insurance in South Africa. So much so that the South African Insurance Association (SAIA), with the Department of Transport, are drafting a bill to make third-party insurance compulsory for all drivers.

When uninsured motorists get involved in accidents with insured motorists, the insured motorist claims money from his insurance company. The insurance company then has recourse to reclaim the damages from the uninsured party. As the party is uninsured, it’s next to impossible to reclaim all of the damages and thus the insurer suffers a loss.

To book contact IISA.
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