Everything You Need to Know About the South African Insurance Association
Who is the South African Insurance Association?
The South African Insurance Association is Batman for insurers. They even have a code for vehicle salvage (we’re pretty sure they’re trying to build a Bat Mobile). The SAIA began as the Council of Fire Insurance Companies in 1907 and became the South Africa Insurance Association in 1973.
Promoting the short-term insurance industry, the South African Insurance Association (SAIA) creates awareness of the industry while representing most of the country’s short-term insurance companies*. The SAIA negotiates on behalf of their member companies and gives them with a code of conduct to follow. The SAIA does not function as an Ombudsman. It does, however, expect members to work in conjunction with the Ombudsman for Short-term Insurance.
What Does the SAIA Do?
The main purpose of the SAIA is to maintain the good image and reputation of its members by representing them to the public and the government, and the media. Especially with regard to draft policies and legislation that affects insurance companies. The SAIA also provides a forum for members to discuss areas of common interest and share information, while interacting with relevant bodies inside and outside the industry. More like Batman, though, the SAIA fights insurance crime.
The South Africa Insurance Crime Bureau
Always watching, always waiting, SAIA is the short-term insurance industry’s dark knight. In their efforts to battle insurance crime and fraud, SAIA set up the South African Insurance Crime Bureau (SAICB) in 2008. If the SAIA is Batman, then the SAICB is Robin. It functions as a separate unit but works in close contact with its caped crusader.
SAIA participates in numerous Business Against Crime South Africa initiatives and donates a significant amount of money to BACSA each year.
The South Africa Insurance Association and Education
Among the many education initiatives of the SAIA is road safety. Working with the Metro Police, the association contributes to projects aimed at road safety. The SAIA also requires that 0.2% of all its members’ profits after tax go towards education initiatives and a further 0.2% to the SAIA’s education initiatives.
Visit SAIA’s site for more information.
*Members include: Auto & General, DialDirect, Discovery, Hollard, MiWay, Momentum, Mutual & Federal, New National Insurance, OUTsurance, Regent, Santam, Unity, and Alexander Forbes, among others.
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