MiWay was founded in February 2008 as a joint venture between Sanlam, Santam, and PSG. In 2010, Santam purchased MiWay and made it a wholly owned subsidiary.
Who is MiWay insurance underwritten by?
Because MiWayLife is a part of Sanlam Life Insurance Ltd, Sanlam underwrites all of our products. We are pleased to have their support and endorsement as one of South Africa’s leading financial services companies.
Who is Rene Otto?
René Otto, the company’s first CEO, has stepped down after 15 years. Getting the insurer to break-even was a personal highlight for Otto during his time at the company. During his tenure, though, he had to put out flames as well.
Does MiWay have house insurance?
The permanent structures on your property, as well as all permanent fixtures, fittings, and improvements to your property, are covered by MiWay’s Buildings Insurance (MiPlace), including your borehole and swimming pool pumps, as well as subterranean pipes and cables constituting part of your building.
Buildings Insurance (also known as Homeowner’s Insurance or Houseowner’s Insurance) protects your home in the event of the following:
- Water supply tanks, cisterns, heating installations, and water pumps, which are a permanent element of your structure, and their loss or damage
- If a SABS-approved lightning conductor is placed on the premises, any loss or damage to a thatch roof property is covered.
Who owns Sanlam Limited?
Sanlam Ltd is a South African financial services company that is traded on the Johannesburg Stock Exchange and the Namibian Stock Exchange. Sanlam Limited, the corporate headquarters, and four business clusters run the Sanlam Group’s operations (Retail, Institutional, Short-term Insurance and Corporate). The Group’s centralised functions, such as strategic direction, financial and risk management, marketing and communications, human resources, and corporate social investment, are all handled by the corporate head office (CSI).
The Short-Term Insurance cluster includes a 57 percent stake in Santam, South Africa’s largest short-term insurer, and a direct 55 percent stake in MiWay, the Group’s newly founded direct financial services business.
On March 28, 1918, the Suid-Afrikaanse Nasionale Trust en Assuransie Maatskappij (Santam) was established. However, before Santam was even incorporated, it was decided to segregate the life assurance department from the rest of the company in order to ensure that long-term earnings were paid to policyholders and short-term profits were paid to shareholders. On June 8, 1918, the Suid-Afrikaanse Nasionale Lewens Assuransie Maatskappij Beperk, or Sanlam, was established. As a result, the subsidiary, Sanlam, became the operation’s driving force, while Santam remained focused on short-term insurance.
Sanlam’s focus switched from life insurance to delivering a larger range of financial goods and services during the 1990s, and the company was demutualised in 1998, listing on both the JSE Securities Exchange and the Namibian Stock Exchange on November 30, 1998. Sanlam was transformed from a mutual to a publicly traded business with a share capital, Sanlam Life Insurance Ltd. Sanlam Ltd, a distinct company, was set up as the parent company of the Sanlam group of companies at the same time. Within a federal business structure, the Group was also reformed into various autonomous firms.
In 2004, Sanlam was the first major South African financial institution to complete an empowerment transaction. Ubuntu-Botho (UB), a broad-based black empowerment coalition founded by businessman Patrice Motsepe, purchased a 10% stake in Sanlam. Sanlam now has access to a far larger pool of potential consumers thanks to the UB deal, which extends its holdings to micro and small enterprises. The Ubuntu-Botho consortium includes three major shareholders: Patrice Motsepe’s Sizanani-Thusanang Helpmekaar (55%), Sanlam/Ubuntu-Botho Community Development Trust (20%), and the Broad-based Empowerment Groupings (20%). (25 percent).
Does Santam own Sanlam?
On May 1, 1918, the South African National Trust and Assurance Company Limited (Santam) initially opened its doors in Cape Town. A month later, the South African Life Assurance Company (Sanlam), a complete subsidiary of Santam, was founded with a specific concentration on life assurance. Sanlam’s share capital was liquidated in 1953, and the firm was converted to a mutual insurer by a special Act of Parliament.
Santam’s narrative is one of tenacity, fortitude, and devotion to become South Africa’s largest and top short-term insurer.
What does MiWay insurance cover?
- Excellent customer service, as well as the option to control your own insurance policy via the internet;
« Please see our policy wording for more information. Premiums are based on risk profiles and grow annually, taking into consideration economic factors.
With MiWay, you can choose the level of insurance cover for your vehicle:
- The most comprehensive insurance policy covers theft and hijacking, as well as damages caused by an accident, fire, or explosion, and natural catastrophes such as hail and floods. Damage to the vehicle’s windows and liability to third parties as a result of an accident, as well as willful damage to your vehicle, are all covered under comprehensive insurance.
- The ‘Third-Party, Fire and Theft’ coverage protects your automobile from theft, fire-related damage, and damage you may have caused to another person’s vehicle in the event of an accident.
- Liability coverage for any harm you may cause to another person’s property is provided by ‘Third-Party Only’ insurance. Your own vehicle is not insured in the event of damage or loss.
- Clients with ‘Total Loss’ insurance are covered for total vehicle loss only due to write-offs, theft, or hijacking, as well as limited third-party liability. Damage that does not result in a total loss is not covered by the policy.
Insure your car for one of the following values:
- Retail value (as determined by the TransUnion Dealers’ Guide, the recommended insured value minus the current selling price on the dealer’s floor)
- According to the TransUnion Dealers’ Guide, trade value is the average price a motor dealer will pay you for the vehicle.
- Unlisted, vintage, and collectors’ cars, caravans, and trailers with a valuation provided by an authorized approved source receive a special agreed value.
What does Standard Bank homeowners cover?
Your home is one of your most valuable assets as a homeowner. It’s only natural to take care of it. While it may not be a high priority, circumstances beyond your control can occur, resulting in pricey house repairs.
Nowadays, your bank will not issue you a house loan without you have building insurance, which helps cover costs if your home’s physical structure or outbuildings are harmed.
BUILDING INSURANCE: What is covered
- Tennis courts, permanent swimming pools, residential water tanks, and fixed generators are examples of household amenities.
Optional complete subsidence and longer cover can be offered for an additional fee. Check your building insurance policy for a complete list of what is and is not covered.
Monthly premiums
Your monthly premiums, which include South African Special Risks Insurance (SASRIA) coverage, can be deducted automatically from your house loan. You can also pay a higher voluntary excess when filing a claim to lower your premium.
Building insurance provides piece of mind by ensuring that you are financially prepared for any scenario.
What is covered under home contents insurance?
There’s more to your possessions than just goods. It takes a lifetime to amass a collection of valued possessions, so make sure you have enough financial resources to fix or replace them if they are misplaced, damaged, or stolen. Let’s take a look at what you need to know about household insurance and how you may save money by bundling your car, home, and building insurance.
Household insurance (also known as contents insurance) and building insurance (commonly known as homeowner’s insurance) are frequently confused. Consider the difference between the owner of a rental property and the tenant as an example of the distinction. The owner (landlord) owns the actual building structure and everything around it, whereas the renter owns all of the items inside the house.
As a result, the tenant should insure the contents of the residence, while the landlord should insure the actual structure. Everything that is fixed from a garage and pool pump to walls, fences, and geysers goes under building insurance. Everything that falls out if you turn your house upside down should be covered by home contents insurance!
Remember that in South Africa, house contents insurance is not included in building insurance. So, if you’re a renter, be sure you have your own contents insurance. If you’re a’rentrepreneur,’ you’ll also require household insurance, as well as supplemental liability and accidental damage coverage. More information can be found in this article.
Home contents insurance protects everything in your home from theft, fire, malicious damage, and natural disasters (storms, flooding, lightning). Additional optional protection can be removed if you want these goods to be insured for accidental damage as well – for example, if you spill coffee on your pricey sound system.
Your handbag, clothing, athletic equipment, and other personal belongings are usually covered under ‘all hazards’ coverage. However, you must mention the products in your insurance when it comes to tablets, cell phones, jewelry, laptops, and bicycles. Specifying things means that each item’s model or serial number, as well as its value, will be given.
Many consumers simply assess their home contents when purchasing insurance, but they neglect to update the value over time. As a result, one out of every three homes is underinsured by as much as 30%. If you need to make a claim, your homeowner’s insurance will pay out on a pro-rata basis, which means you’ll get less money than it would cost to replace your belongings.
Let’s imagine you’ve paid R200 000 for the stuff of your two-bedroom flat. You are the victim of a break-in and must now file a claim for R100,000 in damages. However, you’ve just learned that the replacement value of all your belongings (the value at risk) is R300,000. The following formula will be used to compute your settlement amount: R200 000/R300 000 XR100 000 = R 66 666. This results in an R33 333 shortage.
When you consider it, you continuously accumulate more belongings as you upgrade technology, have children, or move to a larger home. There are also times of the year, such as the holiday season, when you may want to buy more stuff in order to impress visitors or receive costly gifts. It’s a good idea to revisit your household insurance coverage at these times to determine if you’re still fully insured.
When you combine your vehicle, building, and contents insurance, most insurance companies will give lower premiums. If your home and automobile are both destroyed in a fire or break-in, having only one insurer will not only save you money but will also cut down on paperwork and save you time during claims.