Modern man tries to protect himself and his possessions against many risks like illness, accidents, death, theft and liabilities. These interests can be protected in various ways:
(a) He can take preventative measures to limit loss such as wearing a safety belt while driving a vehicle or installing smoke detectors in a factory; or
(b) He can save money and with time build up a private fund; or
(c) Co-operate with other legal subjects to collectively cover losses that have been incurred.
However, in the above three scenarios, protective measures are not adequate protection. The solution to these problems is found in a formal insurance. Insurance regulation is a dynamic, ever-evolving to achieve an appropriate balance between providing adequate consumer protection and allowing them to gain maximum returns. Given that insurers and the products being offered change over time, it is vital for the regulatory framework to keep pace with dynamics of the Life Insurance Industry.
This study explores areas where the life insurance industry has changed over time through different product offerings, globalization, evolving technology, and changes in the economic environment of Discovery Vitality Life. The study provides a framework to assist regulators in assessing which changes have been successful, which need improvement, and what needs to be addressed in the future.
The South African life insurance industry has become the fastest growing and most dynamic market (nmg Consulting, 2012). Around 1730 BC, Hammurabi issued a proclamation stating that all the merchants who were participants of a caravan had to make a payment towards any damages caused by theft of the property. This type of manual assistanc...
... middle of paper ...
...des, taking its shape from the various regulatory, legal, technological and social changes of history. As the insurance industry evolved, it became increasingly global, competitive and interconnected. Insurers now compete and operate across many different international jurisdictions, whose regulatory and accounting frameworks differ.
Axa Equitable History. (2012). Axa -Equitable History. Retrieved 04 25, 2014, from www.axa-equitable.com/axa/history.html
Nagel, C. J. (2011). Commercial Law 4th Edition. South Africa: LexisNexis.
nmg Consulting. (2012). South Africa Life Insurance. South Africa: nmg Consulting.
Obersteadt, A. (2013). Study on the State of the Life Insurance Industry:. CIPR Study.
Roe, M. (1993). Foundations of Corporate Finance: The 1906 Pacification of the Insurance Industry (3 ed., Vol.93). Columbia: Law Review Association Inc.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- 1. Introduction Extreme weathers, such as storm, floods, heat waves, drought, glacial retreat, have suffered human-being and threaten the life, properties and economies for a long time. In recent years, a significant increase is observed in the extreme weathers, such as the number of heavy precipitation events, more intense and longer drought/heat waves as a consequence of anthropogenic influences (IPCC, 2011). In particular, intensification of extreme precipitation is likely to lead extreme coastal high water associated with an increase in mean sea level.... [tags: Insurance Industry Research Paper]
2720 words (7.8 pages)
- The focus of this case study is on selected topics involving information assurance and information management in the insurance industry. In particular, it discusses: 1. Holdovers in processes and/or attitudes in the early days of insurance computing. 2. Progress in moving beyond the fundamental problems. 3. Independent information processing in the industry. 4. Significant information management issues. Holdovers in processes and/or attitudes in the early days of insurance computing This section will briefly discuss legacy systems and software, as well as the researchers experience with legacy systems and software.... [tags: Legacy Systems, Software, Insurance]
1756 words (5 pages)
- Definition Health insurance is insurance against the risk of incurring health care related expenses. It indemnifies the insured for the related financial loss. It is important to note that health insurance is a form of short term insurance. Disability, critical illness and long-term care insurance are all subclasses of health insurance. When an individual buys health insurance, he/she enters into a contract (policy) with the insurance company so that for a monthly premium, the insurance company will provide cover for medical expenses incurred.... [tags: insurance companies, premiums]
897 words (2.6 pages)
- Future Robotic Applications in Management: Insurance & Risk The history of robotic technology is long and its origin can be traced back to ancient times. The first industrial robot implemented for commercial purposes in the United States took place in the 1960’s when a General Motors factory installed a robotic arm to perform spot welding and die casting. The machine was invented by George Devol and in his patent application, he wrote the following: "The present invention makes available for the first time a more or less general purpose machine that has universal application to a vast diversity of applications where cyclic digital control is desired." The robot was manufactured by Unimatio... [tags: Insurance, Underwriting, Robotics]
815 words (2.3 pages)
- In the early 1900s having insurance was inconsequential, health care was relatively affordable and when the general population needed to go to the hospital, the hospital had an affordable payment plan. However, as insurance companies were being implemented, the United States was experiencing an increase of expenditure in medical care and the population was experiencing a longer life expectancy due to the medical advancements that was being made. During this time the population over the age of 65 as well as the indigent population was finding it hard to find medical coverage whether it was because insurance companies did not want the high risk of the elderly population or people were unable t... [tags: Health care, Medicare]
1338 words (3.8 pages)
- Healthcare didn’t always exist in the United States. Before the 1920’s, most people didn’t have health coverage. Most people were treated at home and hardly anyone, except a few large employers offered healthcare. Everyone else paid out of pocket. As the population shifted from rural areas to urban centers, families lived in smaller homes with less room to care for sick family members (Faulkner 1960, p. 509). Increasing requirements for licensing and accreditation, in addition to a rising demand for medical care, eventually led to rising costs.... [tags: Healthcare]
2226 words (6.4 pages)
- The common thought for most experts of any culture is that the banking industry is one of the most important pillars of stability within their communities. This system is at the center of most communities and in retrospect it classifies what the economic prospects would look like for the average individual. The banking industry is a very complex and competitive environment with people always trying to out compete one another for the best result. Ultimately, this is not an easy endeavor because today these branches are faced with a widening tent of business and with a changing list of stipulations for picking up these areas of interests.... [tags: Risk management, Risk, Credit risk, Insurance]
1301 words (3.7 pages)
- Macroeconomic Analysis of Bangladesh's Ready-Made Garments Industry The Ready-Made Garments (RMG) industry contributes to the Bangladesh economy in a distinctive manner. The last 20 years witnessed unparalleled growth in this sector, which is also the largest exporting industry in Bangladesh. It has attained a high profile in terms of foreign exchange earnings, exports, industrialization and contribution to GDP within a short span of time. The industry plays a significant role in terms of employment generation.... [tags: Industry Economic Analysis Bangladesh]
1697 words (4.8 pages)
- Profits in the vaping industry have gone through the roof. It 's one of the fastest growing startups of the moment. Vape shop owners report staggering profits, and the industry seems to continue expanding. Estimates in sales for the vaping industry should tap out at $3.5 billion for 2015, up from only $1.7 billion in 2013. Out of that $3.5 billion, $2 billion is from sales generated from vape shops and e-liquid sales. The remaining $1.5 billion is from e-cigarettes. Industry growth is hardly surprising.... [tags: Tobacco, Nicotine, Cigarette]
1018 words (2.9 pages)
- Global healthcare issues are defined as areas that can be improved by research and the dedication of the research, taking the responsibility and leadership in order to analyze and find better outcomes for a better heather system and revolution. The world has and will continue to face challenges within the health care industry and with contributions that associated with the health care industry. Many of the global issues that many of us face and issues that have impacts with the health care industry today are defined as some of the following: • The number of people that are still uninsured and/or paying penalties due to not being able to afford to pay for health care insurance • Funding, as w... [tags: Health care, Health insurance, Health economics]
772 words (2.2 pages)