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contents The South African Insurance Industry Survey 2016 | 1

Introduction 3
Sold on SAM A message for the uninitiated 5
ORSA requirements and global insights 11
South Africa’s weak economy and its impact on the insurance industry 21
Is Tax Risk Management important 27
Psychology and behavioural economics of insurance 31
Disruptions in the reinsurance market 41
Takaful – same same but different 45
The impact of blockchain on the insurance industry 49
Would the application of the premium allocation approach result in business as usual? 53
Will IFRS 9 impact insurers 69
The changing face of financial advice (RDR) 75
Privacy and wearable technologies – a POPI dilemma? 79
KING IV – the new frontier in governance for South Africa 83
Regulatory and reporting requirements – Insurance and Banking Sector 87
Short-term Insurance Industry results 94
Long-term Insurance Industry results 116
Reinsurance Industry results 136

Epilogue 153