University of Johannesburg

LLM in Insurance Law

Are you interested in the insurance industry and how it works in South Africa? Do you want to know how insurance products function in the financial services industry? Do you want to gain expert knowledge on specialized matters pertaining to insurance litigation?

Insurance is a grudge purchase and many South Africans only acquire this particular financial product as part of credit transactions. Other types of insurance products are often utilized by prudent consumers as part of a savings strategy. Be it as it may, there is a variety of insurance products available and these products are marketed and sold on a daily basis. In addition, it is inconceivable that any lawyer who practices commercial law should not have a well-founded knowledge of insurance law. Insurance as we know it has had an interesting development in South Africa and many legal systems influenced the insurance contract as we know it. Recent developments such as the introduction of the Financial Advisory and Intermediary Services Act 37 of 2002 and the introduction of the so-called “Twin Peaks” system of financial regulation created a fairly complex legal framework for insurance and this has lead to tension in the industry. The challenge is therefore to gain knowledge of the legal framework, to identify the challenges that South African consumers face, to consider the Policyholder Protection Rules and other consumer protection measures and to evaluate the system by comparing it to other legal systems. Insurance is a powerful tool with which consumers may protect themselves against perils but the question remains whether current products take cognizance of the unique nature of the South African Market.