Fifth ASISA Insurance Gap Study(performed by True South Actuaries & Consultants)www.truesouth.co.zaOctober 2019Slide 1 of 29
ContextAgendaMethodologyR34.7 trillionResponsesSegmentsMethodologyR34.7 trillionResponsesSegmentswww.truesouth.co.zaR34.7 trillion(A trillion has 12 zeros)ContextSlide 2 of 29
ContextContext within the SA population landscapeMethodologyR34.7 trillionResponsesSegmentswww.truesouth.co.za57.5 million people,but how manyearners?57.5 million people inSouth AfricaSlide 3 of 29
ContextContext within the SA population landscapeMethodologyR34.7 trillionResponsesSegmentswww.truesouth.co.za 18’s: 34% 65’s: 5%57.5 34.9millionpeople inmillionSouth18Africaagedto 65Slide 4 of 29
ContextContext within the SA population landscapeMethodologyR34.7 s representaround ¼ of SApopulation15.6 millionearnersSlide 5 of 29
ContextContext within the SA population landscapeMethodologyR34.7 6 millionNextNextNext3.1m earners 3.1m2.6m2.6mNext3.1mwww.truesouth.co.zaDiversity in SA:difficult to grasp“Average Earner”RichestPoorest2.6m3.1mSlide 6 of 29
ContextMethodologyMethodologyR34.7 er20% (R3.1m)richest SA earnersPoorestRichest2.6m3.1mSlide 7 of 29
ContextMethodologyMethodology is needed?R34.7 trillionResponsesSegments1 600 0001 400 0001 200 000PoorestRichest2.6m3.1m1 000 000800 000600 000400 000200 000www.truesouth.co.za2039 (62)2037 (60)2035 (58)2033 (56)2031 (54)2029 (52)2027 (50)2025 (48)2023 (46)2021 (44)2019 (42)-Average expectedearnings profile1 800 000Slide 8 of 29
ContextMethodology: Insurance NeedMethodologyHow much insurance is needed?ResponsesSegments1 800 00020% Richest SAearners earnR620K p.a.Need for insuranceEarningsR34.7 trillion1 600 000R0.6m1 400 0001 200 0001 000 000800 000600 000400 000200 000www.truesouth.co.za2039 (62)2037 (60)2035 (58)2033 (56)2031 (54)2029 (52)2027 (50)2025 (48)2023 (46)2021 (44)2019 (42)-Slide 9 of 29
ContextMethodology: Insurance NeedMethodologyHow much insurance is needed?Responses1 600 000R0.6m1 400 00054%1 200 0001 000 000800 000600 000400 000200 000www.truesouth.co.za2039 (62)2037 (60)2035 (58)2033 (56)2031 (54)2029 (52)2027 (50)2025 (48)2023 (46)2021 (44)2019 (42)-On average 54% ofearnings at riskReplacement requirementSegments1 800 000Need for insuranceEarningsR34.7 trillionSlide 10 of 29
ContextMethodology: Insurance NeedMethodologyHow much insurance is needed?ResponsesCapitalisation factor1 600 000R0.6m1 400 00054%1 200 00013.81 000 000800 000600 000400 000200 000www.truesouth.co.za2039 (62)2037 (60)2035 (58)2033 (56)2031 (54)2029 (52)2027 (50)2025 (48)2023 (46)2021 (44)2019 (42)-All future years needto be provided forReplacement requirementSegments1 800 000Need for insuranceEarningsR34.7 trillionSlide 11 of 29
ContextMethodology: Insurance NeedMethodologyHow much insurance is needed?ResponsesCapitalisation factorInsurance need1 600 000R0.6m1 400 00054%1 200 00013.8R4.6m1 000 000800 000600 000400 000200 000www.truesouth.co.za2039 (62)2037 (60)2035 (58)2033 (56)2031 (54)2029 (52)2027 (50)2025 (48)2023 (46)2021 (44)2019 (42)-At the “high end”,average need forinsurance: R4.6m Replacement requirementSegments1 800 000Need for insuranceEarningsR34.7 trillionSlide 12 of 29
ContextMethodology: Actual CoverMethodologyTotal insurance coverResponsesSegmentsActual insuranceR0.6mRetailR1.5mReplacement requirement54%Group LifeR0.8mCapitalisation factor13.8Government grantsR0.0mTotalR2.3mInsurance needwww.truesouth.co.zaR4.6m but average actualinsurance over isonly R2.3mNeed for insuranceEarningsR34.7 trillionSlide 13 of 29
ContextMethodology: Insurance GapMethodologyR34.7 trillionInsurance Gap Insurance Need – Actual CoverActual insuranceR0.6mRetailR1.5mReplacement requirement54%Group LifeR0.8mCapitalisation factor13.8Government grantsR0.0mTotalR2.3mInsurance needR4.6mR4.6m – R2.3m R2.3mAverage death insurance gap for richest 20% of SA earning populationwww.truesouth.co.zaAverage gap:R2.3m per earnerEarningsSegments(Those earning R620k)Need for insuranceResponsesSlide 14 of 29
ContextMethodologyR34.7 trillion (R15.4tn death gap)R34.7 alGAPAdequacyof coverPoorest 20%R0.1mR0.0mR0.1m3.1mR0.3tn3%Next 20%R0.5mR0.0mR0.4m3.1mR1.4tn6%Next 20%R0.9mR0.1mR0.8m3.1mR2.4tn15%Next 20%R1.7mR0.4mR1.3m3.1mR4.1tn24%Richest esouth.co.za37%Averagegap:R1 trillion:Stack of R100pernotesearnerfrom CapeR2.3mTown to BloemfonteinAverageActual(Those earning R620k)AverageNeedSlide 15 of 29
ContextMethodologyR34.7 trillion (R19.3tn disability gap)R34.7 mberpeopleTotalGAPAdequacyof coverPoorest 20%R0.3mR0.5mR-0.2m3.1m-R0.6tn 100%Next 20%R0.8mR0.5mR0.4m3.1mR1.1tn56%Next 20%R1.4mR0.5mR0.9m3.1mR2.7tn39%Next 20%R2.6mR0.8mR1.8m3.1mR5.6tn31%Richest uesouth.co.za46%R1 trillion:Stack of R100 notes from CapeTown to BloemfonteinAverageNeedSlide 16 of 29
ContextR34.7 trillion (R15.4tn death gap R19.3tn disability gap)MethodologyR34.7 xt5.6tn2.6m2.7tn19.3tnDeath Gap: R15.4tnDisability : R19.3tnTotal: R34.7tnDeathSlide 17 of 29
Slide 18 of 29R6 475www.truesouth.co.za(extra income)Seek EmploymentR5 36224%(% reduction)Cut expenses32%2.6%4.6%(% earnings)Buy R34.7 trillionMethodologyContextReactive responses to theA pro-active response to theinsurance gap include cuttinginsurance gap is to buyexpenses or seeking additionaladditional death & disabilityemployment after thecover.death/disability event.
ContextMethodologySegmentsR34.7 xt5.6tn2.6m2.7tn19.3tnDeath Gap: R15.4tnDisability : R19.3tnTotal: R34.7tnDeathSlide 19 of 29
ContextMethodologySegments (Middle group only)R34.7 xt5.6tn2.6m2.7tnDeath Gap: R2.4tnDisability : R2.7tnTotal: R5.1tnDeath19.3tnSlide 20 of 29
ContextDeath Gap: Effect of AgeMethodologyMiddle income group aloneResponsesR34.7 eTotalGAPAdequacyof 2%55 .1mR2.4tn15%www.truesouth.co.zaAdequacy of life coverincreases in line with age(possibly due to lump sum natureof risk cover)AverageNeedSlide 21 of 29
ContextDisability Gap: Effect of AgeMethodologyMiddle income group aloneResponsesR34.7 eTotalGAPAdequacyof 40%55 1mR2.7tn39%www.truesouth.co.zaAdequacy of disability cover isrelatively similar across age forthe middle income groupAverageNeedSlide 22 of 29
ContextDeath Gap: Effect of EducationMethodologyMiddle income group aloneResponsesR34.7 eTotalGAPAdequacyof coverPS or lowerR0.6mR0.1mR0.5m0.3mR0.2tn16%Some .8m3.1mR2.4tn15%www.truesouth.co.zaCover adequacy is much higherfor the group with a degree asthe highest education levelAverageNeedSlide 23 of 29
ContextDisability Gap: Effect of EducationMethodologyMiddle income group aloneResponsesR34.7 eTotalGAPAdequacyof coverPS or lowerR0.9mR0.3mR0.6m0.3mR0.2tn34%Some .9m3.1mR2.7tn39%www.truesouth.co.zaCover adequacy is slightly higherfor the group with a degree asthe highest education levelAverageNeedSlide 24 of 29
ContextDeath Gap: Effect of GeographyMethodologyMiddle income group aloneResponsesR34.7 eTotalGAPAdequacy ofcoverGautengR0.9mR0.1mR0.8m1.1mR0.9tn17%Western R0.1mR0.8m0.5mR0.4tn12%Eastern CapeR1.0mR0.1mR0.9m0.2mR0.2tn13%North WestR0.8mR0.1mR0.7m0.1mR0.1tn12%Free tn7%Northern 8m3.1mR2.4tn15%www.truesouth.co.zaDeath cover adequacy for themiddle income group is highestin Gauteng and Western CapeAverageNeedSlide 25 of 29
ContextDisability Gap: Effect of GeographyMethodologyMiddle income group aloneResponsesR34.7 eTotalGAPAdequacy ofcoverGautengR1.4mR0.5mR0.8m1.1mR1.0tn39%Western R0.6mR0.9m0.5mR0.5tn39%Eastern CapeR1.5mR0.6mR0.9m0.2mR0.2tn42%North WestR1.3mR0.5mR0.8m0.1mR0.1tn37%Free 2tn28%Northern 9m3.1mR2.7tn39%www.truesouth.co.zaDisability cover adequacy for themiddle income group is highestin Western and Eastern CapeAverageNeedSlide 26 of 29
ContextDeath Gap: Effect of GenderMethodologyMiddle income group aloneResponsesR34.7 eTotalGAPAdequacyof n15%www.truesouth.co.zaCover adequacy is fairly similarfor male and female earnersAverageNeedSlide 27 of 29
ContextDisability Gap: Effect of GenderMethodologyMiddle income group aloneResponsesR34.7 eTotalGAPAdequacyof n39%www.truesouth.co.zaCover adequacy is fairly similarfor male and female earnersAverageNeedSlide 28 of 29
ContextQuestionsMethodologyR34.7 trillionResponsesSegments“Provision for others is afundamental responsibility of human life.”(Woodrow T. Wilson – 28th American President)www.truesouth.co.zaSlide 29 of 29
Insurance Gap Insurance Need -Actual Cover gap: k) www.truesouth.co.za Need for insurance Earnings R0.6m Replacement requirement 54% Capitalisation factor 13.8 Insurance need R4.6m Actual insurance Retail R1.5m Group Life R0.8m Government grants R0.0m Total R2.3m R4.6m -R2.3m R2.3m Average death insurance gap for richest 20% of SA .
The insurance gap was determined using the same principles as used for previous studies. (See appendices B, C and D.) The insurance gap as at the end of 2018 was calculated to be 34.7 trillion (1 trillion 1 000 billion 1 000 000 million 1012): If South African households wanted to maintain their standards of living after a death event,
purchase GAP insurance 6 2.6. Add-on GAP insurance purchasers are not a homogeneous group 6 2.7. The remedies may have provided reassurance, but have not yet helped improve knowledge 6 3. Profile of research participants 8 3.1. Car purchase 8 3.2. Demographics 8 3.3. Awareness of GAP insurance 8 3.4. Purchase of GAP insurance 9 3.5.
Closing the insurance gap A world at risk 07 1. The size of the global insurance gap A world at risk, Lloyd's second underinsurance report, shows there is a global insurance gap of US 162.5 billion in 2018. This shows there is a significant gap between the level of insurance in place to cover
Need Life Insurance Have Life Insurance The gap between "I need" and "I "have" equals 18-points, or 46 million consumers This understates unmet need in the market. Life Insurance Ownership Gap - 2011 to 2021 Source: 2021 Insurance Barometer Life Insurance Ownership Gap 18-points
Traditionally, a skills gap analysis is undertaken using paper-based assessments and supporting interviews; however, technological advancements, such as skill management software, are allowing large companies to administer a skills gap analysis without using a significant proportion of human resources (Antonucci and d’Ovidio, 2012).File Size: 778KBPage Count: 24Explore furtherSkills gap analysis template - Skills for Care - Homewww.skillsforcare.org.uk40 Gap Analysis Templates & Exmaples (Word, Excel, PDF)templatelab.comConducting A Gap Analysis: A Four-Step Templatewww.clearpointstrategy.com(PDF) Gap Analysis - ResearchGatewww.researchgate.net30 FREE Gap Analysis Templates & Examples - TemplateArchivetemplatearchive.comRecommended to you b
find more information under "What is excluded under a GAP insurance policy?". 9 These figures apply where the customer is required to pay a motor insurer's excess of 250. Some GAP insurance providers will pay an amount towards this excess. Please check your GAP insurance policy for details. Written off at 6 months Written off at 30 months
The king's insurance options 5 Things you need to know 7 The stuff you need to do 14 How to claim 16 Our commitment to you 20 Car insurance 22 Car warranty 37 Shortfall cover 45 Scratch and dent 46 Tyre and rim 48 Motorbike insurance 53 Trailer and caravan insurance 64 Watercraft insurance 68 Home contents insurance 77 Buildings insurance 89
Ingeni Services RTI and RPP GAP Insurance V10 April 2018 Page 2 of 13 INGENI SERVICES RTI and RPP GAP INSURANCE This module should be taken AFTER the generic ‘Finance & Total Gap Insurance - Part 1 - an overview’ Unit (Unit 8) within the FCA Refresher Training Course. All of the following produc
Pay Gap is 27.4%, our Mean Bonus Gap is 64.4% and our Median Bonus Gap is 43.0%. The information presented below relates to employees of Royal & Sun Alliance Insurance plc and is calculated in line with the government regulations. Please see overleaf for an explanation of the comparison between 2020 and previous years. Median Mean Gender Pay Gap
Foy Insurance of MA, LLC 198 Frank Consolati Insurance Agency, Inc. 198 County Insurance Agency, Inc. 198 Woodrow W Cross Agency 214 Woodland Insurance Agency, Inc. 214 Tegeler Insurance Services of CT, Inc. 214 Pantano/VonKahle Insurance Agency, Inc. 214 . Hanson Insurance Agency, Inc. 287 J.H. Slattery Insurance Agency, Inc. 287
September 2015 - FCA introduced new rules for dealers selling GAP Insurance. WHY? To achieve better customer outcomes from more informed purchasing decisions; and Improved competition. FCA recognised GAP insurance premiums are significantly higher. Almost half of customers unaware they could buy GAP elsewhere.
3. Statutory Gender Pay Gap Report 2019 In this section is reported the Statutory Gender Pay Gap, the Gender Pay Gap (Excluding Casual Staff), and a review of Bonus Pay. A positive black number, means that there is a pay gap in favour of men, whereas a negative red number means that there is a pay gap in favour of women. 3.1. Statutory Gender .
Gleeds Gender Pay Gap Report 2019 Gleeds figures 2018 PAY GAP This table shows the mean and median pay gap between men and women, based on hourly rates of pay and presented relative to men’s earnings. The median gender pay gap differs from the mean as it shows the mid-point of data, rather than the average. BONUS GAP
GAP Service Quality Model showed the key insights gained through the executive interviews and focus group interviews about the service quality concept. The gaps revealed by the executive interviews were shown in the marketer side (GAP 1, GAP 2, GAP 3, GAP 4), and the GAP 5 which was .
General Gap Penalties Now, the cost of a run of k gaps is gap k It might be more realistic to support general gap penalty, so that the score of a run of k gaps is gap(k) gap k. Then, the optimization will prefer to group gaps together. AAAGAATTCA A-A-A-T-CA AAAGAATTCA AAA----TCA vs. Th
more detail about your GAP Insurance policy, and explains how to claim in the event of a vehicle write-off. This GAP Insurance policy is designed to work in conjunction with your car insurance policy, in the event of a write-off we will help you to replace your vehicle or settle any outstanding finance. Thank you for protecting your vehicle .
GAP insurance is available for new, used, leased, business-owned and privately-bought vehicles. Consumers can buy GAP insurance in connection with buying the vehicle (an add-on buy) or separately (a standalone buy). 1 Why we are evaluating our guaranteed asset protection insurance intervention
PROGRESS ON THE GENDER PAY GAP: 2019 7 In 2016, we released the first-ever study of the gender pay gap using Glassdoor salary data. In that study, we added to the large body of research confirming the existence of a gender pay gap, but we also used Glassdoor’s unique data to explore the drivers of the pay gap by
consumer guide to auto insurance contents introduction to auto insurance 1 understanding your auto insurance policy 2 required auto insurance 3 optional types of auto insurance 4-5 getting the right coverage 6 accidents and violations 7 how to shop for auto insurance 8 shopping tips 9 frequently asked questions 10-11 insurance complaints/when you have a problem 12
ISO 14001:2004 and ISO 9001:2000 15 Annex B (informative) Correspondence between OHSAS 18001, OHSAS . Standard vi List of tables Table A.1 – Correspondence between OHSAS 18001:2007, ISO 14001:2004 and ISO 9001:2000 15 Table B.1 – Correspondence between the clauses of the OHSAS documents and the clauses of the ILO-OSH Guidelines 20 Summary of pages This document comprises a front cover .