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Feb 10 2012 18:19
The rand tumbled against the dollar in late afternoon trade as the local currency tracked a jittery euro.
Feb 10 2012 17:28
President Jacob Zuma will make an announcement "of national importance" on Saturday, says a central bank statement.
Feb 10 2012 16:39
Stock markets fell after Greece's crucial international bailout was put on hold by its partners in the 17-nation eurozone.
Cape Town - In difficult economic times more disability claims are
submitted in South Africa.
On Wednesday two South African actuaries presented their research
report on the subject to the International Congress of Actuaries,
which is being held in Africa for the first time
Paul Lewis and Karl Schriek of General Reinsurance Africa won the
prize for the best paper on Africa that was delivered at the congress.
More than a thousand people from hundreds of countries are in
attendance.
Lewis said that it was the first research done in South Africa to test
the relationship. The information on which it is based was obtained
from five of South Africa's large insurance companies.
The model showed that in 2008 and 2009 disability claims increased 7%
and 11% respectively.
Schriek said that, depending on the long-term impact of this financial
crisis, disability claims over the coming four to five years could be
10% higher.
According to Lewis, one of the reasons for the increase is fraudulent
claims. In extreme cases, he says, it is unqualified fraud, but it's
more often subtle and people merely exaggerate their conditions.
Some claims are submitted to augment a claimant's income.
- Sake24.com
For business news in Afrikaans, go to Sake24.com.